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Bushveld Minerals Completes First Section of BFS for Imaloto Power Station, Madagascar

Published: February 19, 2019 |

[Click image to enlarge]

The end of last year was a busy period for Lemur Holdings — Bushveld Minerals Limited’s coal and energy subsidiary which is looking to build a coal-fired power station in Madagascar.

During the final quarter of 2018, Lemur completed the bankable feasibility study for the power aspect of Imaloto, which found that the project is feasible.

The second part of the BFS, which is looking at the coal mine portion of the project, has been completed and a review of the final draft is being carried out.

“The completion and review of the bankable 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 the Imaloto Project,” said Lemur Chief Executive, Prince Nyati.

“The project’s bankable feasibility study shows that the Imaloto Project is feasible and can deliver significant economic returns,” said Nyati.

“More importantly, Imaloto is the most advanced Independent Power Project baseload project in Madagascar. It will have transformational developmental benefits for the country’s southwest region, where the government has already implemented significant road infrastructure expansion,” added Nyati.

ATTENTION TURNS TO FINANCING AND EPC CONTRACTS

With the BFS now largely complete, Lemur is turning its attention to securing engineering, procurement and construction (EPC) contracts and is talking to solicitors who can draft and negotiate the agreements.

Lemur added that is now talking to solicitors who can draft and negotiate engineering, procurement and construction (EPC) contracts for the project.

Continued progress is also being made on the social and environmental impact assessment (SEIA) study, with final output expected in the second quarter of this year, once the wet season studies have been completed.

For the past year, Lemur has been in discussions with a “number of financial institutions” which might be interested in financing Imaloto.

One of these parties has now completed its due diligence and once the rest have, too, they will progress to finalize a term sheet on a syndicated project financing basis

Source: Proactive Investors


About Bushveld Minerals
Bushveld Minerals Limited (Bushveld Minerals) is an AIM-listed Company exploring and developing projects on the Bushveld Complex in South Africa. The company targets projects that combine:

•  Favorable cost-curve positioning,
•  A pragmatic, relatively low-capex and near term production profile
•  Potential for scale in well-understood geographies.

To stop by Bushveld’s website, CLICK HERE


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