2nd Jun 2016 14:48
LONDON (Alliance News) - China New Energy Ltd on Thursday its partner Sunbird Bioenergy Africa Ltd said it has been advised it will sign an Investment Promotional and Protection Agreement on or around June 30 for its bioethanol project in Zambia.
China New Energy noted that, whilst it is unable to advise further on the expected timing of the formal contract, it remains the intention to enter into a contract and commence the project in Zambia this year.
Last month, the company said Sunbird, its partner in the project, was close to securing an Investment Promotion & Protection Agreement for the bioethanol project. At that time it said that Sunbird had been advised by the Zambian Development Agency that terms of the IPPA have been agreed, and the agreement was set to be signed shortly.
China New Energy said Thursday it expects to provide a further update in due course.
Shares in China New Energy were up 10% at 3.00 pence Thursday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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