Ncondezi Coal sheds CEO, proposes name change
JOHANNESBURG (miningweekly.com) – Aim-listed Ncondezi Coal on Monday announced it would seek shareholder approval to change the company’s name to Ncondezi Energy Limited to reflect its transformation from a mining company into an energy producer.
Ncondezi, which also announced the resignation of its CEO and executive director Nigel Walls, would seek shareholder approval for the name change at its next annual general meeting.
This followed the development of a 300 MW coal-fired power station at its Ncondezi coal project, near Tete, in northern Mozambique.
"The management reshuffle and proposed name change come at a logical time in the company's corporate development as we transition from a pure mining company to an energy producer and progress our power station project,” nonexecutive chairperson Michael Haworth said in a statement to shareholders.
The company stated that Walls’ departure coincided with the completion of the mining-related geological, technical and feasibility study work and the lodging of a mining concession application.
The board had initiated a formal review of the CEO position and had appointed COO Paul Venter as acting CEO in the interim.
“Venter has a wealth of coal-fired power generation experience and, as COO, has been responsible for the company's power strategy and delivering the project's power-related milestones to date," said Haworth, adding that he would ensure a smooth transition as the company embarked on the power-specific phase of the project.
Ncondezi would now focus on delivering the critical milestones, such as the power framework agreement, the power purchase agreement and the coal supply agreement, which would enable the project to secure financing.
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