5th Feb 2016 14:27
LONDON (Alliance News) - Ncondezi Energy Ltd said Friday the deadline for it to satisfy conditions in its joint development agreement with Shanghai Electric Power Co Ltd has been extended until the end of May.
Terms of the joint development agreement are unchanged.
Both Ncondezi and Shanghai Electric Power continue to focus on satisfying the conditions "as quickly as possible" to make the agreement effective, Ncondezi said, and are aiming to complete this within the extension period.
Ncondezi inked the joint development agreement with Shanghai Electric to develop its Ncondezi 300 megawatt coal fired power project in Tete, Mozambique, last month.
Shares in Ncondezi were down 7.4% at 4.51 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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