7th Jul 2016 10:11
LONDON (Alliance News) - Ncondezi Energy Ltd on Thursday said it met with key representatives of the Mozambique government to discuss the coal-fired power plant that the London-listed company plans to build, and said it has also signed an important deal with its Chinese partner.
Ncondezi shares were trading up 7.6% to 3.90 pence per share on Thursday morning.
Ncondezi is planning to build a 300.0 megawatt coal-fired plant in the Tete Province of Mozambique and, alongside Shanghai Electric Power Co Ltd, met Mozambique's minister of mineral resources and energy and minister of finance, as well as representatives of the state-owned utility firm Electricity de Mozambique and of the Chinese embassy.
The discussions took place in the capital of Maputo and were led by Ncondezi Chairman Michael Haworth and Shanghai Electric Power Chairman Wang Yundan, both of whom updated local officials on the progress being made, as well as outlining future plans and timing for development, financing, construction and operation of the plant.
A ceremony was held for Ncondezi and Shanghai Electric Power to sign the shareholder agreement term sheet - an "important step" towards the pair completing the joint development agreement for the plant.
By Joshua Warner; [email protected]; @JoshAlliance
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