Ncondezi Energy Ltd - Submission of Historical Cost Audit
News Release - RNS Reach
Submission of Historical Cost Audit
· Report covers Ncondezi development expenditure on both the mine and 300MW coal-fired power project over the last 10 years
· Completed by an international independent audit firm
· Submitted to CMEC for review
Ncondezi Chief Executive Officer,
Once the Report is approved by both parties, the historical costs will be reimbursed as part of the capital investment by Ncondezi at financial close, providing a clear crystallisation of value for Ncondezi shareholders.
Agreement on the historical costs is a key condition precedent for the full form shareholders agreement between Ncondezi and CMEC, and is in addition to the subscription price to be agreed for the 60% share in the Project and the Project developers fee.
The team is very pleased with the progress made to date and continues to work tirelessly to complete the remaining workstreams. We look forward to providing further updates to shareholders in due course."
For further information please visit www.ncondezienergy.com or contact:
| || |
+27 (0) 71 362 3566
Liberum Capital Limited
| || |
+44 (0) 20 3100 2000
Novum Securities Limited
| || |
+44 (0) 20 7399 9427
Pimlico Advisory Ltd
| || |
+44 (0) 777 56 55 927
About Ncondezi Energy
Ncondezi is an African power development company with an advanced staged, integrated 300MW thermal coal power plant and mine project located in the
The Company is focused on providing reliable, affordable and accessible baseload energy to
The power plant will be designed to be equipped with state-of-the-art emissions controls technologies that will reduce local air pollutants, minimizing the plant's impact on the environment and ensuring its compliance with the most stringent emission standards
In 2019, the Company entered into the Commercial and Industrial ("C&I") renewable and battery storage sector and in
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Private Policy.
Quick facts: Ncondezi Energy Ltd
Market Cap: -
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE