Ncondezi makes progress on Tete Mozambique project

Ncondezi Energy updated the market on its process to conclude a binding joint development agreement for its integrated 300MW power and coal mine project in Tete Mozambique on Friday.

The AIM-traded firm said that, following its announcement on 26 November, it had continued to engage with the liaison committee - established and chaired by the Mozambican Ministry of Mineral Resources and Energy - to agree the updated project work programme and timetable.

It said that process was expected to be finalised in January.

“The company's targets to conclude the JDA and binding engineering, procurement, and construction, and operations and maintenance, contracts during the first quarter of 2019 remain on track,” the Ncondezi board said in its statement.

It said further updates would be provided to investors at the appropriate time.