Ncondezi Energy Shares Rise on Agreement With CMEC, General Electric's Swiss Unit
July 23 2019 - 7:01AM
Dow Jones News
By Oliver Griffin
Ncondezi Energy Ltd. (NCCL.LN) shares soared Tuesday after the
company said that it has signed a joint development agreement with
China Machinery Engineering Corp. (1829.HK) and General Electric
Co.'s (GE) Swiss business to develop its project in Mozambique.
The company said the agreement with CMEC and General Electric
Switzerland Gmbh will see the development of its 300 megawatt
coal-fired power project and coal mine in Tete, Mozambique.
Ncondezi said it is expected to hold a 40% interest in the
project and will be responsible for 40% of the development costs to
final close, based on an agreed budget.
The parties have agreed to reimburse Ncondezi's historical
development costs to date, the company said.
"This is a significant milestone that should materially enhance
the credibility of the project in Mozambique and with international
financiers, helping to unlock key development processes,"
Non-Executive Chairman Michael Haworth said.
Shares at 1021 GMT were up 26% at 8.85 pence, having hit earlier
highs of 9.90 pence a share.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
July 23, 2019 06:46 ET (10:46 GMT)
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