26th Nov 2018 09:51
LONDON (Alliance News) - Ncondezi Energy Ltd on Monday said it finalised the work programme and timetable for its 300 megawatts power and coal mine project in Tete, Mozambique.
The coal exploration company said it submitted the plan to the Liaison Committee which includes representatives from the Ministry of Mineral Resources & Energy and the state power utility Electricity de Mozambique.
The proposed work program and timetable targets approval being received from all Liaison Committee members before the year-end.
Ncondezi Energy said the work programme and timetable has been designed to fit with its generation plan, which aims for production by 2023.
The Mozambican government is targeting universal access to electricity by 2030, including up to 1,350 megawatts of potential coal fired power generation.
"Today's announcement represents another important step in the company's pathway to success," said Non-Executive Chairman Michael Haworth.
"The company believes it is well positioned to bring meaningful benefits to Mozambique and meet its growing power needs, with a clear pathway to delivery in 2023, a competitive power tariff and world leading potential development partners," added Haworth.
Ncondezi shares were trading 11% lower on Monday at 6.06 pence each.
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