African Energy Resources Data
African Energy Resources News
African Energy, First Quantum advance Botswana coal/power project 2016-07-26ASX-listed African Energy Resources (AFR) is looking to update its mining study to meet the requirements of fuel delivery for a 450 MW integrated coal and power project, up from the 300 MW it had initially planned for its Botswana-based Sese project. The update forms part of the work programmes AFR will embark on, following a A$3-million commitment from its joint venture (JV) partner, Canada’s First Quantum Minerals.
ASX: Sese JV Commits to Major Work Programme 2016-07-25
ASX: Sese Mining License Application Accepted 2016-04-10
African Energy Resources edges closer to development of Botswana power project 2016-03-04
Cashed up African Energy Resources (ASX:AFR) has signed a term sheet with an as yet unnamed South African investment group to develop an integrated coal mine and thermal power station at its Mmamabula West power project in Botswana.
The group has a three month exclusive period to negotiate the terms of binding documentation for a joint development agreement for mine‐mouth power generation.
Mmamabula West provides an opportunity for near term power generation with its 2.47 billion tonnes of resources in two main coal seams.
Meanwhile First Quantum Minerals increased their interest in the Sese Integrated Power Project in Botswana to 53%, having spent A$1.3 million beyond the initial A$8 million investment on the Sese Project to date.
First Quantum can invest up to $20 million in the Sese JV. African Energy's 25% share of additional funding will be loaned to it by First Quantum and carried to commercial production.
In December African Energy executed a binding share sale deal under which the company’s wholly owned subsidiary, Botswana Energy Solutions Ltd will sell the Mmamantswe Coal and Power project to TM Consulting for US$20 million, subject to certain conditions being met.
African Energy had cash reserves of $6.6 million in December 2015 and had been undertaking daily share buy- backs to tighten the share register and enhance capital gain prospects for the company.
African Energy is participating in the development of three large-scale power projects in Botswana, placing it in an enviable position to become a regional power force.
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ASX: Additional Information on Mmamantswe Project Sale 2015-09-21
African Energy to sell Botswana assets 2015-07-06ASX-listed African Energy has signed a term sheet with a South African project developer to divest of its Mmamantswe coal and power project, in Botswana. Subject to certain conditions precedent, African Energy would sell the Mmamantswe project for an initial sum of $10-million to the developer, which would form a bid consortium to sole fund the preparation and submission of a bid into South Africa’s coal-fired base load independent power producer procurement programme, using the Mmamantswe project.
African Energy Resources Information
Company 2015-05-10African Energy Resources is an energy company focussed on developing the Sese coal project in eastern Botswana.