29th Sep 2020 20:43
Ncondezi Energy Ltd - African power development company - Submits historical cost audit report to China Machinery Engineering Corp for the integrated Ncondezi 300 megawatt coal-fired power project in Tete, Mozambique. The report covers development expenditure on both the mine and coal-fired power project over the last 10 years. It has been submitted to CMEC for review.
"Once the report is approved by both parties, the historical costs will be reimbursed as part of the capital investment by Ncondezi at financial close, providing a clear crystallisation of value for Ncondezi shareholders. Agreement on the historical costs is a key condition precedent for the full form shareholders agreement between Ncondezi and CMEC, and is in addition to the subscription price to be agreed for the 60% share in the project and the project developers fee," says Chief Executive Hanno Pengilly.
Current stock price: 3.20 pence
Year-to-date change: down 49%
By Lucy Heming;Â [email protected]
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