Ncondezi Energy Ltd (LON:NCCL) shares rose on Wednesday as the company said it has submitted a third party Power Market Outlook Study (PMOS) and an updated Feasibility Study to Electricidade de Moçambique (EDM) for its 300-megawatt coal-fired power project and coal mine in Mozambique.

The AIM-listed firm said the PMOS “confirms the project as one of the most advanced and credible baseload power supply options in Mozambique and one of the most competitive coal projects in the region”, and that the submission of both studies represented the last outstanding requirement from EDM following submission of the project power tariff in March. Ncondezi added that it has held meetings with EDM and departments in the Mozambique government to present the studies.

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“I am pleased to announce submission of the Developer Studies to EDM, representing the last milestone requirement from EDM following submission of the project tariff proposal in March 2020. The Power Market Outlook Study confirms the Project’s strategic importance which combined with the updated Project Feasibility Study, demonstrates that the project is one of the most credible power supply options in the country capable of delivering reliable round the clock power from 2025”, Ncondezi chief executive Hanno Pengilly said in a statement.

“Following positive initial meetings with EDM, held earlier this month, we expect formal feedback early in the new year. We look forward to providing further updates on the Project development programme to shareholders in due course”, the CEO added.

Shares in the firm rose 2.6% to 4.8p in late-morning.

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