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CF, I would hope that Hanno is going to deliver the EPC contract and the historical cost audit in the coming weeks as well. These were targeted for June and have nothing to do with EDM so there was no reason for them to be delayed further. But first the shareholder term sheet, which was 'weeks away' over 2 weeks ago so one would reasonably expect it to land in the coming days. I'm hoping he delivers this alongside the new timetable so we don't get smashed by the inevitable 'longer than expected' news courtesy of EDM. Will see I suppose. Incredible entry point for news investors (providing Hanno delivers some +ve news in the coming weeks).
GGG, share your frustration.
At the minimumm, we should be trading above 5p right now - equating to £17million market cap, barely anything in the scheme of things. All of this would be so much easier to deal with if we had even slightly improved SP. And yes, Hanno does need to navigate through this quickly and effectively. I do think this was out of his control. But I also do think it shows on his, regardless. Could see in the Proactive interview, that he was not pleased. Nevertheless, it is on he needs to prove himself. And am confident he will.
We have news of the new timetable due soon, and the Shareholder Agreeemnt Terms Sheet. So there is a lot just in the near term.
Good luck to us all!
It's very simple to explain CF, my lack of confidence in the Chinese State and African officials is overcome by my desire to make money. This is a high risk / high reward stock.
I agree with you the recent articles are positive for the company. But we're still operating in Africa. And we're still reliant on the Chinese. And therein lies the reason for our 3.4p share price (alongside the issue of tens of millions of shares for Hanno to invest in his brother's company). As I keep saying, Hanno needs to step up and deliver.
GGG, if you are that lacking in trust in the Chinese State and in Africa, not sure what you aredoing investing here, to be honest.
I take a great deal of solace from the fact are partners are significant. This is what marks the difference between NCCL and Edenville/ KIBO.
We have progressed enormously with CMEC/ China and GE, to the point of a binding JDA. Our largest shareholder, AFC (holding 15% of our stock), is a specialist in infrastructure development and financing in Africa.
These sorts of projects do eventually get off the ground, and Ncondezi will get developed, built and operated. It has coprrate and political weight.
I do not see anywhere on AIM, where another company doing a similar kind of project, has the same degree of support, with a ***Binding***JDA in place.
Read the finer detail of the comments in those articles. You will see they chasing the same as they were before, only with minor readjustment to EDMs management -- that is all.
As I have said, I am very confident.
Also cannot say that I'm comfortable with us relying on the Chinese state. We were in bed with another Chinese company prior to CMEC so let's not get ahead of ourselves. And let's not even go near their recent actions with Covid, Hong Kong, Taiwan, South China Sea... If they pay up then great, but my trust of the Chinese state is about as high as my trust in African gov.t officials.
GGG, I get you annoyed about delay and you have a right to be. I am also, and others. We can see that Hanno himself was.
What we have with recent news articles is a confirmation that they are continuing with their plans, all of them. PMs and the Chairman's words are very clear on this. There is no derailment - just a marginal delay (granted, in the context of this project, it appears just like another delay). However, the progress NCCL have made is genuine. We have a binding JDA with CMEC/ China and GE (via a signing ceremony in Beijing). The project is Government-to-Government. Mozambique are placing a heavy emphasis on energy and electricity in the development prospects and opportuntiies for the people and in support of the wider Southern African Development Community (i.e neighbouring countries). Moz cannot p-155 off China. There is no one else who could help to meet needs/ realise potential by building and running such large infrastructure projects. China are both first shout and backstop. We shouldn't worry, given we are working directly with the Chinese State, GE, and the Africa Finance Corporation.
Upcoming weeks and months are going to be biggies in my book, and in a positive way.
Thanks CF. Yes these articles certainly make me feel a little more comfortable that our project hasn't gone off the rails. Having said that we're unfortunately working in a f@cked up continent, which is rife with corruption so I'm never going to be all that comfortable with additional unexplained delays, and deviations from what everyone thought was an agreed timetable. I'd be a whole lot more comfortable with our project being mentioned alongside the gas fired station and the piddling solar project that seem to keep coming up.
It's the same project they've approved previously, except they're now in receipt of a lower tariff for god's sake. As I@ve said, China should hurry up and grease some dirty hands and let us get on with it. It's not like this project isn't good for their economy and society as a whole. I think we're now looking at second half 2021 for FC. That's of course relying on no more left-field, bull**** delays to an amended timetable. When they release that news it had better be with something positive otherwise Hanno will be raising again at 2p in 6 months time. Or he could go and ask his brother for our money back. Let's see if we get some of the promised news in the coming month. They should be delivering everything except the agreed tariff according to the last interview. Time to step up Hanno.
Looking at the desired 400, 000 connections per year (a hell of a lot), that continues the plan set out a while ago. They remain committed to those ambitions.
I wonder if the new Chariman was brought in because the old chair/ board/ or EDM generally, weren't achieving goals and targets?
Whatever it is, with so much happening, the new chairman has a lot to do to get a grips with all the work and progress, all the existing projects and programmes. Hanno mentioned that a (new) timetable was with EDM, for their consideration and that we would be informed subsequently. This is, I guess, the new Chairman, getting on top of the full, extensive programme and his role. Worth adding, that the Ncondezi power project will be up there as one of the absolute key priorities - remembering that NCCL's project has now gone Government-to-Government, with that signing ceremony in Beijing and the JDA now binding.
Moz remain absolutely committed. News getting closer.
We have another similar news story, carried 30th June 20.
https://www.africaoilandpower.com/2020/06/30/mozambiques_edm-commits-to-implement-key-electricity-projects/
By Sihle Qekeleshe, Junior Sub-Editor on June 30, 2020
Mozambique’s state-owned electricity company Electricidade de Moçambique (EDM) announced that it is committed to implementing projects that will ensure more people in Mozambique have access to electricity through strategic projects.
Speaking at an inauguration ceremony for the new Chairperson of the EDM board, [MDAlberto], Prime Minister, [Rosário], encouraged Alberto to prioritize the Energy for All program, which seeks to bring electrical power within reach of all citizens by the year 2030, which will require about 400,000 new electricity connections a year.
“Implementing these and other structuring projects will require from the new chairperson and from all EDM workers redoubled commitment,” said Prime Minister Rosario. He also urged the EDM’s new governing team to prioritize participatory and inclusive management, and to strengthen the partnerships between the company and the other stakeholders who act in the Mozambican electricity sector.
[...]
"Alberto guaranteed the Prime Minister that EDM is prepared to implement the projects [...]"