Mining & Energy
Money from the sale of Cahora Bassa shares will be used to update equipment
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Ncondezi Energy Ltd has signed a non-binding offer with China Machinery Engineering Corp. and General Electric South Africa (PTY) Ltd for a project in Mozambique at a meeting held in Beijing, the company said in a statement issued on Thursday in London.
The signing of the document follows an announcement on 20 October that the parties had reached agreement in principle on the terms of the non-binding offer.
The non-binding offer lays the groundwork for negotiations for the development, construction and operation of the project of a coal-fired thermal power plant with a capacity of 300 megawatts and an open pit coal mine in Mozambique’s Tete province.
A final agreement would mean that the China Machinery Engineering Corp. and General Electric South Africa acquire approximately 60% of the project, giving the two companies the responsibility of developing and managing it.
Ncondezi Energy Ltd also said the two companies were selected as preferred partners because they have experience in the energy sector and have already been involved in the development of projects in Mozambique.Source: Macauhub
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