Name of the Project
Imaloto independent power producer (IPP) coal-fired power plant project.

Location
The power plant will be located at the mine mouth of Lemur’s coal deposit, in Madagascar.

Client
Lemur Holdings, a subsidiary of Bushveld Minerals.

Project Description
The project involves the construction of an initial 60 MW IPP coal-fired power plant and an associated 200 km transmission line.

The power plant is expected to be fuelled by coal from Lemur’s coal mining permit area in Madagascar, which has a Joint Ore Reserves Committee-compliant resource of about 136-million tonnes of coal.

Potential Job Creation
Not stated.

Value
Not stated.

Duration
The project is expected to be commissioned in 2021.

Latest Developments
Bushveld Minerals’ coal and energy subsidiary Lemur Holdings has executed a 30-year concession agreement with the Madagascar government for the development, construction, operation and maintenance of the Imaloto integrated thermal coal and power project.

The concession comes on the back of a full coal mine exploitation licence, which is only one of three currently held by developers in Madagascar, and follows the signing of a 30-year binding power offtake agreement with the Madagascar State-owned utility Jirama.

The project, which has an initial capacity of 60 MW and more than 250 km of expandable (as required) transmission, will be located at the mine mouth of Lemur Resources' coal deposit.

The addition of a power component unlocks the value of the coal asset while securing reliable electricity supply for the country.

The signing of the concession with government paves the way for Lemur to progress towards construction of the project, subject to concluding the social- and environmental-impact assessment (SEIA) and achieving financial close.

Once the project is completed, Madagascar will for the first time in history interconnect the south region from west to east, including the towns in-between.

Bushveld has said that it is committed to completing the milestones that have been set out for this year. These include progressing the bankable feasibility study, completing the SEIA and engaging with lenders.

The project remains on track to complete a full technical and financial feasibility study for the power plant and transmission line at the end of June and conclude its SEIA application by the end of this year.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
The Imaloto project remains on track to deliver electricity to Madagascar by 2021.

Contact Details for Project Information
Bushveld Minerals, Fortune Mojapelo, tel +27 11 268 6555.
Sinohydro Corporation, email africa@sinohydro.com.