Member Info for CF73

Global, not gimbal :D Hahaha :D

That's an excellent RNS!

EPC Contract, set out as next expected news, set for end of Q3 imo, meaning technically they not in a closed period at the moment and therefore funding can be arranged via loan from board or warrants etc.

Comments from CMEC extremely good. Means that the plan/ course isn't just something Hanno and NCCL team are working towards but is an agreed wider process involving particularly our key gimbal partner(s).

Bought more this morning as feeling very positive from here!

NCCL remain in sensitive negotiations. They are not in a position to return to market with information on progress as is not possible owing to how many parties involved and trying to kerp then all happy. Company have said there were material problems then they would have to inform the market. Things are moving - albeit very slowly. While I'm confident this is happening, not sure how we got into a position like this, where there's no news on the main project for so long - even with the company telling us they got to balance need to update market with sensitive negotiations. Am hoping and thinking they discussing the buyout price!

Doesn't matter what the rest of the world thinks, if the pepple of Moz want/ are OK with coal based power, is irrelevant what the rest think. And if the investment is there - and it is - and the market is there - and it is, then is a goer.

Indeed, the World Bank are overseeing the infrastructure implementation and that has been progressing right in front of our faces. Why would they do it if no power source?!

Frequent rather general anti-coal news articles are no indicator for whether this project is going to happen or not. Whether this project happens or not is down to Moz , ts people, the World Bank, CMEC/ China, Malawi etc. I'll say again, the infrastructure work is progressing and we know this to be the case.

Caterham, there is the possibility that a tariff could be unofficially agreed. The time taken for tariff approval does not make sense to me. Feels a like a lot is being lined up right now. For me, have always said, why would CMEC wait to Financial Close to buy NCCL out?! Doesn't make sense as by then the NCCL SP would be higher and the asking price therefore considerably higher.

My view for a while has been that once the tariff - the key value determinant was established (enabling things like future projections for turnover/ profit, value of 60% stake or even buyout) - it would be possible to go into buyout discussions.

But that's just my view. Folks got to do their own research and come to their own conclusions.

Great discussion and appreciate your comments in particular Caterham. I agree with your view, that the Chinese may well be discussing/ negotiating buy-out already. Is why I have been less concerned than others, feeling that what is going on is essentially the determination of the final price.

Should add, I wouldn't be surprised if the tariff had already been approved and they moved swiftly to discussing the buyout price, without notifying the market. That is a controversial view as it would mean that info had not been disclosed. But taking that route means they can determine the price of the buyout without necessarily inflating the share price in advance of/ during those negotiations.

If indeed the buyout is being discussed, with a genuine view to buyout, then can imagine that NCCL a) would not be able to say anything and b) would have good reason for not having to return to the market with information. They had already informed the market that they are in sensitive negotiations and have to balance this with the need to inform the market.

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Back in March, company said:

"Finalising the tariff will unlock all the remaining milestones and while we aim to provide updates as regularly as possible, we must balance this with the sensitive nature of such negotiations..."
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Negotiations also involve or need to somehow involve all of our major shareholders, at least at some stage. Now that could end up taking a lot of time. There are a number of large shareholders.

I know that company representatives have said that things are progressing well behind the scenes, they did add that if thigs weren't going well, they would have to notify the market. Given the silence, I believe that the company are able to prove to the NOMAD that things are progressing and that it is all about sensitive negotiations right now. Otherwise, we would had an RNS by now.

Back in March, company said:

"Finalising the tariff will unlock all the remaining milestones and while we aim to provide updates as regularly as possible, we must balance this with the sensitive nature of such negotiations..."

I guess we are still waiting. But we do need to get some positive reassurance soon.

While the silence and lack of reassurance is poor, we should remember that work on the infrastructure is ongoing. That infrastructure connected Tete where we are with Malawi, where the only proposed power source in sight at Tete is NCCLs. That infrastructure work is being approved and overseen by the World Bank, so is completely formal, legit and expected to lead to power trade between Moz and Malawi (not to mention connecting people within Tete/ North-West region in Moz).

There is a PPA between Malawi and Moz for the power to be carried by that infrastructure.

We know Moz are approving massive projects across country. There is no other project in Tete/ the North West comparable in size to NCCLs.

We continue to retain key shareholders, including Africa Finance Corps, who specialise in these projects: we have Polenergia, Poland’s largest private energy company; we have JDA with CMEC; and we have infrastructure approve ad moving forward.

The president of Moz has again and again said that he plans to

There is a lot there that tells me the project is going ahead. I think also we will get funding sorted. But the silence and lack of reassurance is poor to extreme.

Screaming BUY now at these levels.

I continue to hold and remain confident this will happen, but am disappointed by the lack of reassurance.

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.

Am confident the main power project is going ahaed and that the Chinese be after all the coal and as well as the entire power project.

We rightly have certain concerns. Lots of missed deadlines and timelines. The lowly SP magnifies issues, perceptions etc. We could on the one hand argue the carp SP indicates massive issues behind the scenes. It could also be the SP does not reflect actual progress. Who knows if it’s half-a-dozen of one, and 50% of the other.

What I would say is this:

1. We hear that World Bank have approved the contractor to build the Interconnector Line. Minimum I can deduce out of this is that the World Bank expect to Build the Interconnector Line, meaning they expect a new source of power in Tete. Our project is ON for the World Bank.

2. Malawi and Moz have signed some kind of agreement (WB referred to it as a PPA), for power being carried by the Interconnector Line, out of Tete (where we are and no one else in sight) and on to Malawi. Malawi really do need this power. They will be short big time if our project doesn’t come off.

3. There are regular news articles coming out of Moz informing Moz President echoing over and over again that he wants to connect 10million Mozambicans (there is one from yesterday). On top of their Power System Master plan, this reassuring. Moz ay be slow, but, as we seeing recently, various projects large and small, are happening. The political will (and the external pressure) is there.

4. The small amount of funding we need to see us through is a cinch. A mutter cinch. This shouldn’t be worrying anyone. Although like everyone else, am vehemently opposed to a Placing.

5. The current silence can suggest a lot of things; for me, it represents that we are at the business end. Is crazily sensitive negotiations right now, with lots of alignment going on. From where they are, they are likely to be able to see the end in sight. If that were the case, then it'd be better for them to stay schtum than fold under PI pressure put a foot in it.

Keep the faith, as me ol muckerooni BNEJAN1 says.

GGG, you say:

"'the potential upside is huge', well it certainly is when you're 2.5p :)"

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You killing me! :D Hahaha

GGG, it is unnofficial. However, and while there will be no immediate affect on the SO, for LTHs it should come as a relife to hear this. I trust Hammerphil and believe the communications between him and EDM to be genuine. So I take significant confidence from it. We also know by that comms that the contract for the Substation is up next. So it seems there is movement, however slow it is from our perspective.

In the meantime, NCCL need to release about something else, preferrably funding sorted (and not a placing). Can't see any of the others happening until there is alignment of other key milestones.

SP is chronic. But situation is not as bad as it sppears to some.

GGG, a trusted long term holder has been in contact with people at EDM. An EDM official confirmed the World Bank approved the Award of the contract for Interconnector Line (to an Indian company). Think the EDM chap was probably not meant to disclose.

Next up is the assessment and approval of the Substation contract.

Results for both Interconnector Line and Substation to be formerly published in due course (likely once the Substation contract is awarded)

Agreed Guys.

Full sale is on. And agree particularly Hammerphil- about optimal time to sell for CMEC, which is when they achieve a degree of confidence in the project. This may well be when the Substation contract is awarded by the World Bank. Infrastructure then confirmed, release tariff approval and then sale. You can see it in the above excerpt posted by Glenmorangie, this is on. NCCL, Hanno and SF all clearly have a different level of understanding here to/ from us (understandably- they inside).

We only need to look at the Interconnector Line contract award, to see this is happening. World Bank would not approve without guarantees the power would be there - and we can imagine that the World Bank is expected to be a major partner in quite a number of CMEC/ China developing world infrastructure projects; so CMEC got to keep to their end of the deal

Feel is not as far as off market thinks!

World Bank have just approved the award of the contract for the first of the two tenders (the Interconnector Line). This means the key institutions involved here expect the project to be going ahead, as that is the only source of power we can see on the table and that could be happening in time.

Very possible that tariff is very near.

Why now, is because there is little market understanding of NCCL and not a huge appetite for the stock. Anything to provide a narrative if not some useful clarity. Have to admit on the latter, not a huge amount more to be learned but for new investors, that wider scope of NCCL would be useful. Certainly, from these levels, is a screaming buy. Market Cap of just £10m when Historic Costs are c.£18.5m (based on the January 2021 overall in-principle figure)

Then add the rest!

Agreed Chris, that is certainly good to hear talk of coal and not just solar. It could be nothing but seems to me to be a sign of confidence, when in recent times, disussing coal openly has not been easy. Is one of the reasons why NCCL has not been on the radar as much (mind you, missed timelines/ deadlines haven't helped).

So, makes me wonder if behind the scenes they are passed a point of no return with certain agreements, approvals and alignments now in place. Otherwise, why draw attention to your large mega coal project (NCCL would be doing that by discussing coal) in case it draws resistance from people who would oppose it and presents the chance of being mired in controversy?

A sign of confidence in my view!