Ncondezi Energy Ltd - African power development company - Sign supplementary agreement to the joint development agreement with China Machinery Engineering Corp which agrees on provisional budget of USD1.8 million for coal mine and power project in Tete, Mozambique. Also sets out agreed basis for accelerated development work, which includes additional survey drilling, and ensuring key agreements such as Engineering, Procurement & Construction.
"We are delighted to have signed the Supplementary Agreement with CMEC. The approved USD1.8 million development budget will be funded by CMEC. This provides the strongest signal to date of CMEC's commitment to the project, targeting its 60% equity stake, and we look forward to them leading the debt financing negotiations with Chinese financiers," said Chief Executive Officer Hanno Pengilly.
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By Dayo Laniyan; dayolaniyan@alliancenews.com
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