Ncondezi seeks extension for loan repayment
JOHANNESBURG (miningweekly.com) – Aim-listed Ncondezi Energy has asked its loan holders to extend the repayment date for its shareholder loan, which became payable on Wednesday.
Ncondezi, which is developing an integrated coal power plant and mine project in northern Mozambique, has drawn down $2.19-million under the shareholder loan and now has to repay double that amount.
The company said it was in “advanced negotiations” with loan holders regarding an extension of the repayment date, but cautioned that there was no certainty that it would be given more time.
Should it succeed in extending the loan repayment date, Ncondezi said it would have sufficient funding until the end of next month.
Meanwhile, discussions with Shanghai Electric Power (SEP) for a $3-million investment to fund ongoing project development work at its 300 MW power project are ongoing.
The companies are also still working on finalising SEP's investment through a joint development agreement, which, once effective, will see the Chinese power generation group invest $25.5-million to fund the balance of the power project development costs to financial close in return for a 60% shareholding in the power station.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation