Ncondezi Energy Limited Strategic Partner Site Visits Complete (4586Q)
21 Octubre 2019 - 01:00AM
UK Regulatory
TIDMNCCL
RNS Number : 4586Q
Ncondezi Energy Limited
21 October 2019
News Release
Strategic Partner Site Visits Complete
21 October 2019: Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM: NCCL) is pleased to announce the successful
completion of a technical due diligence site visit by its strategic
partner China Machinery Engineering Corporation ("CMEC") as part of
the process to prepare the Engineering, Procurement and
Construction ("EPC") and Operations and Maintenance ("O&M")
contracts for the integrated Ncondezi 300MW coal fired power
project and coal mine in Tete, Mozambique (the "Project").
Highlights:
-- EPC and O&M contracts are the key inputs to finalising
the Project power tariff for submission to Mozambique state power
utility Electricidade de Moçambique ("EDM")
-- EPC and O&M proposed contracts submission on target for Q4 2019
-- CMEC, as the main EPC and O&M contractor, sent a
technical team consisting of 14 specialists from its investment,
power, mine and water departments
-- Site visit included travel to the Project mine concession
area to view proposed location of the key components of the power
plant, mine and water infrastructure, as well as visits to nearby
operating coal mines and construction supply quarries
-- Two day Q&A session between CMEC and Ncondezi technical
teams, including power and mine technical consultants involved in
the power plant and mine feasibility studies
Ncondezi Chief Executive Officer, Hanno Pengilly said:
"Ncondezi's strategy is to deliver reliable, affordable and
accessible baseload energy to the Mozambican grid at a competitive
price. Completion of CMEC's site visit is an important step in the
technical due diligence process to finalise the power plant and
mine EPC and O&M proposed contracts. These proposed contracts
will provide firm capex and opex numbers for the Project financial
model and electricity tariff proposal, required by EDM to
demonstrate the proposed Project tariff is both credible and
attractive.
The Company is pleased to report that the site visit and
technical Q&A sessions were successful. The Company's internal
due diligence team is now focused on addressing outstanding
questions to finalise the EPC and O&M process in the target Q4
2019 timeframe."
Enquiries
For further information please visit www.ncondezienergy.com or
contact:
Ncondezi Energy: Hanno Pengilly +27 (0) 71 362 3566
Liberum Capital Limited: Andrew Godber, Edward Thomas,
NOMAD & Joint Broker Kane Collings +44 (0) 20 3100 2000
Novum Securities
Limited
Joint Broker Colin Rowbury +44 (0) 20 7399 9427
Pimlico Advisory
Ltd +44 (0) 777 56 55
Investor Relations Elizabeth Johnson 927
Note:
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service ("RIS"), this
inside information is now considered to be in the public domain. If
you have any queries on this, then please contact Hanno Pengilly,
Chief Development Officer of the Company (responsible for arranging
release of this announcement) on +27 (0) 71 362 3566.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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