March 15, 2010

Chinese Firm Funds Botswana Energy Complex

The Mmamabula Energy Complex at the Mmamabula Coal Field in southeastern Botswana is an important independent power project for southern Africa. Development is led by CIC Energy Corp., a Toronto exchange listed company with headquarters in the Bahamas and operations in South Africa. Today it was announced that Golden Concord Holdings Ltd., a Chinese conglomerate, will take a 70% stake in the Mmamabula project and build and run a 300 MW power plant. Golden Concord Chairman Zhu Gong Shan said the investment was an excellent way to establish his company's opportunities in southern Africa. Zhu mentioned that the Botswana government was aware of the deal. A contract for the power plant was originally signed by CIC Energy last year with Shanghai Electric Group....

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