Welcome to the new morningstar.co.uk! Learn more about the changes and how our new features help your investing success.

Bushveld Minerals Finishes Feasibility Work For Part Of Imaloto

LONDON (Alliance News) - Bushveld Minerals Ltd on Wednesday said it has finished reviewing a ...

Alliance News 13 February, 2019 | 9:12AM
Email Form

LONDON (Alliance News) - Bushveld Minerals Ltd on Wednesday said it has finished reviewing a feasibility study for part of its Imaloto coal and power project in Madagascar.

Bushveld, via coal and energy subsidiary Lemur Holdings Ltd, has finished the study for the power part of Imaloto, and has now begun reviewing the coal mine aspect.

Phase one will see Bushveld have a capacity of 30 megawatts at Imaloto, doubling in phase two.

Bushveld, a vanadium miner, has also begun working on engineering, procurement, and construction contracts for the project, and is making progress on the social & environmental impact study.

The company has also finished due diligence for project financing with one lender and is working with others for further funds.

Chief Executive of Lemur Prince Nyati said: "The completion and review of the feasibility study for the power component of the Imaloto project represents a key milestone achieved as we press ahead in ensuring Lemur delivers on the potential of Imaloto.

"The project's feasibility study shows Imaloto is feasible and can deliver significant economic returns. More importantly, the Imaloto power project is the most advanced independent power project in Madagascar," Nyati continued.

"It will have transformational developmental benefits for the country's south-west region, where the government has already implemented significant road infrastructure expansion.

"The coal reserve and transmission line is capable to support the generation capacity in excess of 60 megawatt in the medium to long term as suppressed demand is unlocked in the region," Nyati added.

Shares were up 3.4% on Wednesday at a price of 35.40 pence each.

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Bushveld Minerals Ltd 23.90 GBX 1.70 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation

By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites