Login ID:
Partner Login
Contact Us : 7066511911

Bushveld Minerals: Madagascar Power Project Is Making Progress

17 Nov 2017 7:49 am

By Dimitrios Kontos

Bushveld Minerals Ltd. (BMN.LN) said Friday that its coal-and-energy subsidiary has taken important steps in the execution of the Imaloto thermal coal mining and independent power project in Madagascar.

The subsidiary, Lemur Resources Limited, has appointed an owner's engineer and technical advisors for the project's bankable feasibility phase, after having concluded an open-market request for proposals, Bushveld said.

Prince Nyati has been appointed as Lemur's chief executive effective Nov. 9, having previously served as its project head.

Bushveld said that discussions with Madagascar's state-owned water and utility company JIRAMA regarding a long-term Power Purchase Agreement are at an advanced stage and given the support that it has received from the government, the company is confident that it will be concluded soon.

"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," said Bushveld Chief Executive Fortune Mojapelo.

Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

(END) Dow Jones Newswires

November 17, 2017 02:49 ET (07:49 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
Top 5 Special Reports
Weekly: Pulses Slips On Listless Demand In Dals, Liquid...
USD/INR (Dec. 19) Bearish Short-term Trend: Retestin...
USD/INR (Dec. 19) Retesting Major Support Near 71.00...
USD/INR (Dec. 19) Retesting Major Support Near 71.00...
USDA Revises Down 2019-20 Global Cotton Production Esti...