Ncondezi Coal Co. Ltd has announced changes to its management, as well as a proposed name change to reflect the company’s move from a mining company to an energy producer with the development of a 300 MW coal-fired power plant at its Ncondezi project near Tete in Mozambique.
Nigel Walls has stepped down from his position at CEO and executive director of the company. Ncondezi’s board has initiated a formal review of the CEO position and appointed Paul Venter, currently COO, as acting CEO.
Ncondezi will now seek shareholder approval at its next AGM to change its name to Ncondezi Energy Ltd.
Ncondezi Coal Co. Ltd, a coal exploration and development company with coal assets in Mozambique, has announced the signing of a new rail and port infrastructure agreement as part of its strategy to export coal from its Ncondezi project.
Ncondezi Coal Co. Ltd has announced the results of studies on its Ncondezi project that examined the suitability of using middlings and low volatile coals for local power generation and coal gasification. The use of these products would represent not only in operating costs but also “significant additional revenue” for the company, according to Graham Mascall, CEO of Ncondezi Coal Co.
Ncondezi Coal has announced its admission to trading on AIM, the commencement of dealings in its shares on AIM, and the successful raising of US$ 52 million for the company.