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Ncondezi Energy provides update on its 300 MW power project

Published by
World Coal,

Ncondezi Energy Ltd has provided an update in relation to its 300 MW power plant project (Ncondezi project), located near Tete in northern Mozambique.

The company reported that good progress continues to be made in the negotiations to finalise the joint development agreement (JDA) with Shanghai Electric Power Co., Ltd (SEP). It is expected that the workstreams to agree the transaction documents will be completed in 1Q17 with SPIC and Chinese government approvals to follow.

The company is monitoring cash requirements and taking steps to preserve cash. Existing cash and facilities are expected to cover costs until the end of 1Q17.

The company will continue to provide further updates to shareholders as appropriate.

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