JOHANNESBURG (miningweekly.com) – ASX-listed African Energy Resources (AER) on Friday said it would delist from the Botswana Stock Exchange (BSE), as it currently encompassed only 22 shareholders with less than 0.3% of its shares on issue.
Listed since October 2011, AER’s directors believed that the administrative costs and related obligations associated with maintaining the BSE listing were no longer justifiable and shareholders in November voted in favour of a delisting.
The company added that it would continue to pursue the development of the Sese joint venture (JV) coal and power project, in which it owns 25%. Canadian mining and metals company First Quantum Minerals holds the rest of the 2.5-billion-tonne project, near Francistown.
In 2017, a conceptual study of the proposed power station design was completed, determining that Sese coal is a suitable fuel for either pulverised coal boiler technology or circulating fluidised bed boiler technology.
The Sese mining licence and manufacturing development approval order was awarded in March 2017 to the JV, which has secured the majority of the licences and permits required for a power project.
An application for a generation and export licence has also been submitted which, along with suitable transmission and wheeling agreements, are the only key outstanding commercial documents.
First Quantum is responsible for arranging the funds required to build the Sese integrated power project, and will loan carry African Energy’s residual 25% interest through to commercial production.