Contango Holdings PLC (LSE:CGO) shares rose 5% in morning trading as it announced plans for the formal opening of the Lubu Coal Project in Zimbabwe, following the commencement of first washed coal last month.
The company said the President of Zimbabwe, His Excellency Dr Emmerson Mnangagwa, will visit the company's flagship Lubu Coal Project on 21 July 2023, joined by a number of senior ministers, Zimbabwean officials, domestic and international press, Contango's existing and potential partners, as well as members of the Contango board.
In a statement, Carl Esprey, CEO of Contango, commented: "We are honoured that his Excellency Dr Emmerson Mnangagwa, President of Zimbabwe, will provide a formal ceremonial opening of Lubu next month. We have a world class resource, in excess of 2bn tonnes of coal, which is now in production. It is our intention, along with our partners, to establish a fully integrated operation, with a number of different revenue streams."
Around 8.55am, Contango shares were 5% higher at 4.20p.