Ncondezi enters into negotiations with GE, CMEC for mine development

Aim-listed Ncondezi Energy has entered into negotiations with China Machinery Engineering Corporation (CMEC) and General Electric (GE) South Africa for the development, construction and operation of the integrated Ncondezi 300 MW coal-fired power project and openpit coal mine, in Tete, Mozambique. Ncondezi on Friday said it had agreed in principle to the terms of a nonbinding offer (NBO) to enter into exclusive negotiations and conclude a binding joint development agreement (JDA) by April 30 for CMEC and GE’s acquisition of a 60% equity stake in the project.