Mozambique project confirms sufficient funds to develop until Q1 2016
Following a detailed review of its budget and the implementation of cost-saving initiatives, Mozambique miner Ncondezi Coal Company’s management is confident that it has sufficient cash to support ongoing operations at the Ncondezi coal project in Tete, Mozambique, to the first quarter of next year, the company said in March.
Ncondezi reveals that, as of February 28, it had $3.7-million in cash on its balance sheet. Ncondezi is preparing for commercialisation as it approaches its 2016 deadline for meeting power plant stockpile ahead of its 2018 deadline for commissioning at the Ncondezi coal project.
Further, Ncondezi has received official notification from the Mozambique Ministry for Coordination of Environmental Action of the approval of the environmental- and social-impact assessment for the 92-km-long transmission line that will connect the Ncondezi project to the Mozambique national grid.
The 38 700 ha Ncondezi licence area is located in the coal-bearing Tete province, one of the largest undeveloped coal mining regions in the world.
The project has a total Joint Ore Reserves Committee-compliant resource of 4.7-billion tonnes.
The Ncondezi mine forms part of the 300 MW integrated thermal coal mine and power plant project, located near Tete.
The power plant will be located about 90 km from the local transmission network and can be expanded to a capacity of up to 1 800 MW.
The Ncondezi mine, valued at $376-million, will be an openpit operation, targeting production of 1.5-million tonnes a year of saleable product for the proposed mine mouth power plant, at an average yield of 92% and an average strip ratio of 0.61-billion cubic metres a tonne, using contractor mining.
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