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Ncondezi Energy announce project update in Tete Mozambique

Coal News - Published on Fri, 29 Dec 2017

Image Source: acctech.biz
Ncondezi Energy Limited announced an update on its process to conclude a binding Joint Development Agreement for the Company’s integrated 300MW power and coal mine project in Tete Mozambique.

Key Highlights:
1. Integrated financial model for power plant and mine prepared for review

2. First draft of the JDA submitted for review

3. Site visit to inspect the Project’s proposed development sites completed

4. Due diligence process ongoing with targeted completion end April 2018

5. Extension of submission date for binding engineering, procurement, and construction and operations and maintenance contracts from 31 December 2017 to 28 February 2018 agreed in principle

6. Extension of expected binding JDA finalisation date from 30 April 2018 to 31 July 2018 agreed in principle

Mr Michael Haworth, Ncondezi Non-Executive Chairman,said that “The Company continues to focus on the necessary investment conditions to agree and finalise the JDA. The Project remains one of the most developed coal fired power projects in the region with an estimated total cost of USD 1 billion, and will provide power to Mozambique over a 25 year period. Since signing the Non-Binding Offer in November 2017, a number of significant milestones have been completed, including the updating of the financial model for an integrated power plant and mine project, which is demonstrating improved economics and returns. The JDA work program and timetable has been updated to reflect a more detailed set of deliverables that have been agreed between the parties and resulted in an extension to the delivery dates for the EPC and O&M binding bids as well as the JDA. The Company believes it has identified the correct partners to deliver the Project and is focusing all resources on successfully completing the JDA process.”

Source :

Posted By : Nanda Koijam on Fri, 29 Dec 2017
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