RE: Madagascar Power Plants1 Mar 2021 13:25
From company website....
The coal mine optimisation study, aimed at exploiting the underground portion of the mine earlier than previously planned, has been completed. On the basis of this study, Lemur developed the scope of work for a Definitive Feasibility Study, which commenced in the first half of 2020. Negotiations with the contractor for the engineering, procurement, and construction agreement for the power station are ongoing and are expected to be finalised during the second half of 2020.
Lemur is in project finance discussions for the construction capital with interested lenders. The company’s objective is to get the project to a ‘construction-ready’ stage, which we previously announced would be completed in the first half of 2020. Due to the effects of Covid-19 we anticipate that the project will get to construction readiness in the first half of 2021 and attain financial close soon afterwards. Discussions with lenders are expected to be concluded during 2020, once the key studies such as the SEIA and the mine definitive feasibility study are completed. Subject to financial close on approximately US$160 million of funding, the plant commissioning date would be 2022.
Lemur will continue to focus on discussions with potential strategic partners as well as with the government of Madagascar for the implementation phase of the project