Ncondezi Energy Ltd (Ncondezi) provides an update on its process to conclude a binding joint development agreement (JDA) for the company’s integrated 300 MW power and coal mine project in Tete (Mozambique).
The company has finalised the work programme and timetable for the project with its potential strategic partners and submitted it to the Liaison Committee which includes representatives from the Ministry of Mineral Resources and Energy (MIREME) and Mozambican state power utility, Electricity de Mozambique (EDM).
Non-Executive Chairman, Michael Haworth, commented: “Today’s announcement represents another important step in the company’s pathway to success, with alignment on key project milestones and delivery between Ncondezi and its potential strategic partners being shared with the Liaison Committee for discussion and approval. The Liaison Committee is the government sanctioned committee tasked with implementing the project, and the updated work programme and timetable is the final part of a process which targets having all relevant parties responsible for the project’s delivery in agreement on the way forward. Once agreed, the company and its potential strategic partners can focus on the delivery of key milestones, such as the JDA. The project is one of the most advanced power development projects in the region, and is located in an area where the effects of drought have reduced generation capacity from traditional hydroelectric power sources by up to 25%. The company believes it is well positioned to bring meaningful benefits to Mozambique and meet its growing power needs, with a clear pathway to delivery in 2023, a competitive power tariff and world leading potential development partners. Further updates will be made to shareholders post the meetings with the Liaison Committee.”
Read the article online at: https://www.worldcoal.com/mining/27112018/ncondezi-one-step-closer-to-finalising-joint-development-agreement-for-mozambican-coal-mine/