Ncondezi Energy Limited JDA Entering Final Phase (3669X)
29 April 2019 - 4:45PM
UK Regulatory
TIDMNCCL
RNS Number : 3669X
Ncondezi Energy Limited
29 April 2019
News Release
JDA Entering Final Phase
29 April 2019: Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM: NCCL) provides the following update on the process
to sign a binding Joint Development Agreement ("JDA") for the
Company's integrated 300MW power and coal mine project in Tete
Mozambique (the "Project").
Following the announcement on 20 March 2019, the JDA process has
entered the final phase of negotiations with its strategic
partners, China Machinery Engineering Corporation ("CMEC") and
General Electric South Africa (PTY) Limited ("GE"). Positive
developments continue to be made on the JDA and the Company
believes a final form JDA ready for execution is close to being
finalised. All parties continue to provide commitments to sign the
JDA as soon as possible, and this will require more time than the
current target date of the end of April 2019. The Company is
targeting an update to the market as soon as the JDA is in final
agreed form and ready for submission for signature by the each of
the parties.
In addition, during the week of 22 April 2019, Ncondezi joined
the Mozambique government delegation in Beijing, China, for the
Second Belt and Road Forum for International Cooperation. During
the visit, Ncondezi, CMEC and GE held successful meetings with His
Excellency Mr Filipe Nyusi, President of the Republic of
Mozambique, the Governor of Tete and the Deputy Minister of Mineral
Resources and Energy ("MIREME"). The meetings focused on the
current status of the Project and critical next steps, including
the signing of the JDA. Government re-emphasised the importance of
new energy generation in the country's strategic planning and
provided its support for the Project, encouraging the Company and
its strategic partners to continue working to deliver the Project.
Follow up meetings with the Mozambican Government will be targeted
post execution of the JDA.
Non-Executive Chairman, Michael Haworth, commented:
"Significant progress has been made on the JDA over the last
month with alignment being reached on a majority of the commercial
points. The final JDA draft is expected at any moment and the
Company asks for investor patience during these closing stages. At
this time, no material delays in signing the JDA are expected. The
Company's successful attendance as part of the Mozambican
Government delegation in China for the Second Belt and Road Forum
for International Cooperation provided an opportunity to raise the
profile of the Project and provide the Company's strategic partners
with further support and comfort from government."
China Machinery Engineering Corporation Vice President, Fang
Yanshui, commented:
"CMEC is looking forward to realising the JDA soon and believes
that together with GE and Ncondezi there is strong confidence to
deliver the high-efficiency and advanced Ncondezi integrated power
plant and mine to bring reliable power supply to the Mozambique
power market."
General Electric Power regional executive sub-Sahara Africa,
George Njenga, commented:
"We look forward to concluding the JDA, the next major
development milestones as the Ncondezi project will be an important
addition to the Mozambique's energy mix, adding much needed
capacity that will further enhance regional energy security."
Enquiries
For further information please visit www.ncondezienergy.com or
contact:
Ncondezi Energy: Hanno Pengilly +27 (0) 71 362 3566
Liberum Capital Limited: Christopher Britton / Richard +44 (0) 20 3100
NOMAD & Joint Broker Crawley 2000
Novum Securities
Limited: +44 (0) 20 7399
Joint Broker Colin Rowbury 9427
Note:
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service ("RIS"), this
inside information is now considered to be in the public domain. If
you have any queries on this, then please contact Hanno Pengilly,
Chief Development Officer of the Company (responsible for arranging
release of this announcement) on +27 (0) 71 362 3566.
About Ncondezi
Ncondezi is a power development company which owns 100% of the
300MW Ncondezi Coal Power Project which is one of the most advanced
development power project's in Mozambique. The project is
strategically located in the Tete Province in northern Mozambique,
a power generating hub that distributes power across the region.
The Company is targeting delivery of first power onto the
Mozambican grid by 2023 through a 25 year offtake agreement to meet
existing demand.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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