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Bushveld coal subsidiary makes key hires for Imaloto power project study

With the appointment of key contractors, Lemur is now able to advance its bankable feasibility study

coal mining truck
Coal production from Imaloto will go towards addressing Madagascar's power needs

Lemur Resources, the coal and energy subsidiary of Bushveld Minerals Limited (LON: BMN), , has recently concluded an open market Request for Proposals process relating to the studies and services that will be required to complete the bankable feasibility study for the Imaloto power project in Madagascar.  

Key appointments have now been made.

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In addition, following Bushveld director Anthony Viljoen's appointment as chief executive of AfriTin Mining (LON:ATM), Prince Nyati, previously Project Head of Lemur, has been appointed as chief executive of Lemur. Viljoen will remain as a non-executive director.

"The appointment of an owner's engineer and other technical advisors is an important step towards the completion of the BFS for the Imaloto power project,” said Fortune Mojapelo, chief executive of Bushveld Minerals.

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“The nomination of an environmental advisor demonstrates our commitment to comply with the social and environmental impact regulations in Madagascar. More importantly, the Social Environmental Impact Assessment (SEIA) will pave the way for us to proceed with major works at our project site.

"In addition, to the above, our discussions with Jiro sy Rano Madagascar (JIRAMA) regarding a long term Power Purchase Agreement (PPA) are at an advanced stage and given the support we have received from both the Government and JIRAMA so far, we are confident that a PPA will be concluded soon.

"Overall, these new developments will ensure that the Project remains on course and they will also reinforce our commitment to delivering reliable, affordable base load power to the people of southern Madagascar and in so doing, help to kick-start the unprecedented economic development activities in the region."

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Price: 21.5 GBX

Market: LSE
Market Cap: £247.89 m

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