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London Stock Exchange listed Ncondezi Energy Limited is close to finalising a development agreement at its Tete project in Mozambique. However, the signing of a joint development agreement for its integrated 300 megawatt power and coal mine project in Tete has been delayed, the company said in a statement.

“Significant progress has been made on the joint development agreement over the last month with alignment being reached on a majority of the commercial points. The final joint development agreement draft is expected at any moment and the company asks for investor patience during these closing stages,” Non-Executive Chair Michael Howarth said.

“At this time, no material delays in signing the joint development agreement are expected. The company's successful attendance as part of the Mozambican government delegation in China for the Second Belt & Road Forum for International Cooperation provided an opportunity to raise the profile of the project and provide the company's strategic partners with further support and comfort from the government.”

The Chinese visit saw successful meetings held between Ncondezi, China Machinery Engineering (CMEC) and GE South Africa, as well as with Mozambique President Filipe Nyusi, the governor of Tete, and the Mozambican ministers of Mineral Resources and Energy. The meetings focused on the current status of the project and critical next steps, including the signing of the JDA, Ncondezi said.

“CMEC is looking forward to realising the JDA soon and believes that together with GE and Ncondezi there is strong confidence to deliver the high-efficiency and advanced Ncondezi integrated power plant and mine,” says Fang Yanshui, Vice President of CMEC.

“Positive developments continue to be made on the JDA and the company believes a final form JDA ready for execution is close to being finalised. All parties continue to provide commitments to sign the JDA as soon as possible, and this will require more time than the current target date of the end of April 2019. The company is targeting an update to the market as soon as the JDA is in final agreed form and ready for submission for signature by the each of the parties,” Ncondezi said.

Credit: http://www.ncondezienergy.com/board-of-directors.aspx

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