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.
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