18th Dec 2015 15:18
LONDON (Alliance News) - China New Energy Ltd shares rose on Friday after confirming speculation in the press about a "ground breaking ceremony" being held at a cassava to ethanol project in Zambia.
China New Energy shares were up 19% to 2.00 pence per share on Friday afternoon.
The company recently signed a memorandum of understanding with Sunbird Bioenergy which will see the pair work together to develop two biofuel refineries in Zimbabwe and Zambia. That deal still needs to be formally finalised.
On Friday, China New Energy noted press speculation about a ceremony being held at the site which will host the refinery in Zambia and confirmed that the Zambian President Edgar Lungu held the ceremony to promote the project to the local community.
China New Energy said: "Whilst the ceremony highlights that Sunbird Bioenergy is at an advanced stage of negotiations with the government, the terms of the transaction and the necessary contracts have not yet been finalised."
Media that covered the ceremony prior to the company's announcement included The Daily Mail and Zambian online news platform Lasaka Times.
https://www.daily-mail.co.zm/?p=52918
https://www.lusakatimes.com/2015/12/16/108929/
By Joshua Warner; [email protected]; @JoshAlliance
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