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Ncondezi Coal points to progress in Mozambique
Monday, 23rd April 2012
The board of Ncondezi Coal Company insists 2011 was a year of steady progress towards developing the Ncondezi Project into a producing coal business. At year end the 59,000m drilling campaign for the DFS was completed on schedule, negotiations for access to export routes were ongoing, optimisation work to get the most efficient mining operation commenced and significant progress was made in assessing power generation uses for non-export grade coals.
Post the year end progress has continued; the total resource at the Ncondezi Project was increased from 1.7Bt up to 4.7Bt, an infrastructure agreement was signed with Rio Tinto and Minas de Revuboe which provides potential long-term access for coal production to be transported on a new greenfield rail and port corridor.
Throughout this period the Group has enjoyed support of the Mozambican government, nationally and regionally, as well as from the local people.
Story provided by StockMarketWire.com
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