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Big sell just gone through
What exactly are we paying Synergy for ? - that's 5 months now and absolutely zero positive news regards their negotiation efforts.
At the end of all this, wither we achieve our project goals or not, does anyone think that Synergy 's influence will play a key role ?
Can we change the subject header - every time I visit the board I think news has been announced.
Cheers
Quite a few chunky sells this morning and we are down over 7%.
Hi G_G_G,
Still here and holding. Back to my original stake after a small s/bet top-up when I got greedy a couple of months back.
Reminds me why I decided to be an ex-trader ;-<
Last heard from Elizabeth in early July, when I got this reply :
.."Thank you for your email. I have seen GGG’s post on LSE and have made Hanno Pengilly aware of the feedback.
Agreeing the tariff with EDM is the next big milestone. As previously stated the Company is awaiting formal feedback from EDM, as soon as it is received an update will be provided. Until then there is no change to the previous statements, the negotiation process continues and the Company remains confident that the Project is well positioned for success..."
With a month gone by, some follow-up might be in order...perhaps from the organ-grinder yourself, this time, rather than the monkey ?
;->
HTH
And this from their 10 year plan:
Coal: Mozambique has some of the largest reserves in the world (23 billion tons of proven coal reserves) which can provide an economically efficient power supply whilst using new technologies to reduce emissions levels. Cooking coal is exported overseas, while thermic coal remains unutilised as a power source. Current reserves correspond to a 2,000MW generation capacity. EDM, during the next decade, will develop the
19EDM Strategy 2018-2028following projects: Nacala (200MW), Cuamba (300MW) and Tete (600MW)
This is from the NCCL website:
Finalise tariff offer with EDM - H1 2020
Finalisation of Ncondezi historic costs - Q2-Q3 2020
Finalisation of subscription price - Q2-Q3 2020
Finalise PPA and PCA - Q2-Q3 2020
Quite ludicrous out of date timescales!!!!
Thanks extrader, out of interest have you been in touch with them recently? Still holding? How do you feel about the news vacuum?
7 years slow!!!!!
Go via Elizabeth Johnson @ Pimlico Advisory.
I think Hanno's a bit scared of her.
There's a reason why driving directions are usually voiced by a woman....
;->
PS That'll probably get me suspended by the PC brigade
Really highlights the history of these projects and how African bureaucrats are quite useless. Out of interest has anyone contacted the company to get an idea of when news will be forthcoming? There's so many news items, that are so overdue, it's hard to even get your head around how much is owed to shareholders in the next update. I've tried twice in the past to get in touch via the email address on the website and never received a response - is there another way to contact mgt?
The Ncondezi coal project is a $376-million project with a total Joint Ore Reserves Committee (Jorc)-compliant resource of 1.8-billion tons. Ncondezi’s first coal production is scheduled for the end of 2014 or early 2015, and has an estimated 37-year life-of-mine.[27]
According to a March 2016 report, an MoU was signed between Mozambique and Zambia for a 1,200 MW coal plant in Nacala, the city in Nampula province where Mozambique's Nacala port is located. The plant would also power Zambia.[1] A report in July 2016 placed the jointly sponsored 1200 MW coal plant in Mozambique's Tete province rather than in Nacala.[2]
In August 2019, it was reported that China Energy Engineering Corporation and Moroccan port and civil engineering specialist Somagec Mozambique will build a 200 MW coal-fired power station in Nacala. The estimated cost is US$355 million. Operation is planned for 2022. Coal will be supplied by Vale Moçambique from Moatize, Tete province. An Environmental Pre-Feasibility and Scoping Study has been submitted.[3]
Project Details
Sponsor: Somagec Mozambique
Parent company: China Energy Engineering Corporation
Location: Nacala district, Tete province, Mozambique
Coordinates: -15.5, 32.5 (approximate)
Status: Pre-permit development
Capacity: 200 MW
Type:
Projected in service: 2022
Coal Type:
Coal Source: Moatize, Tete province
Source of financing:
That's interesting and positive Gary.
First, we know there is continued good progress with the Interconnection Line/ Project - with World Bank approval of contractors/ constructors etc.
The Cuamba project is in the North, and is designed to support the North; at the time of initial reporting, 2 or 3 years back, news reports mentioned that while Cuamba was being discussed, CMEC were also involved in the development of another project in the North-West, being Tete/ Ncondezi. Clearly, our project has progressed considerably since then and is way further ahead, at very advanced negotiation stages.
We got to be so close now.
Can't remember these two on the EDM website before:
1 Feasibility study of the Cuamba Thermal Power Plant
CMEC 4,2 MUSD 2018 2020 Ongoing
2 Mozambique-Malawi Interconnection Project
Banco Mundial 3,6 MMUSD 2016 2018 Ongoing
Are those two trades of 277k rollovers?
Larger buys coming in now. The sp increase on small volume is reassuring that once news is released, the true value will quickly follow.
Wow some genuine movement on some decent (but still piddling) volume. Hopefully it will continue into news, which surely cannot be far away.
Hopefully not G_G_G ! Dilution at this level would be madness, I’m sure warrants will come into play before that happens.
I hope this little bump isn't the prelude to a 2.5p raise...
Hi Gary, if the tariff is close to being approved I would think they're locked out from buying. It's what extrader was referring to the other day. I keep telling myself it's going to land any day now and that's the reason all is quiet on the coal fired front. The other voice tells me the coal project is about to fall over and that's why they're not buying anything, and why updates on other activities such as EPC, early works program etc. haven't been forthcoming. I don't see the whole thing falling over at this late stage. And I cannot see how that would square with Hanno's 2 x updates in the past couple of months stating they're confident of a successful outcome. So I continue to hold (very impatiently).
False start, can buy now!
Suddenly very liquid to sell and n/t to buy.
The question that I keep asking myself, and getting nervous about, is why aren't the directors buying at this level if the contract was nearing completion? Are they locked out from buying??
Really odd trades. Not sure what's happening there. Really disappointed that we still have no news as well. Into August now an the last time the main project was even referenced was 1.5 months ago with EPC contract almost ready. Hopefully something positive and substantial this week. GLA
See our massive buyer is back, LOL!!!!