Mmamabula may start smaller-CIC

source: Mmegi

TORONTO- Botswana-listed CIC Energy still hopes to be generating electricity by early 2013 from a coal-fired power station at its Mmamabula energy project, but will likely be doing it on a smaller scale, president Greg Kinross said on Monday.

The company was unable to reach an agreement with the preferred engineering, procurement and construction (EPC) contractor before a deadline for securing manufacturing slots for big long-lead-time equipment passed last week, and is now looking at “alternative configurations”, which will probably mean building a smaller plant to begin with, and then adding more capacity at a later stage.

Shares in the company plunged when they resumed trading on Monday, after having been halted pending news on Friday. CIC Energy was down 44,64percent, at C$5,73 a share by 16:10 in Toronto.

The first phase of the Mmamabula energy complex, in Botswana, was to have involved the [continue reading]

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