RIOZIM narrows down Sengwa suitors

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TAURAI MANGUDHLA

Listed miner RioZim hopes to conclude an agreement with one of its potential investors in the $2,1 billion 1 400 MW Sengwa Power station and coal mine project after recently narrowing down interested suitors, CEO Bheki Nkomo has said.

The company has spent a significant amount of time this year discussing the project with numerous parties interested in investing in the project, Nkomo told Business Times in an interview.

“Whilst we are yet to secure a binding agreement with any of the interested parties, I can confirm that as of today, we have managed to narrow down the list of interested parties and are currently at due diligence stage with each of them,” Nkomo said this morning, apparently squashing previous claims the company had already settled for one investor.

“Once we conclude this initial vetting process and reach exclusivity, we shall proceed to commence with the project implementation stage, at which point we shall advise the market and all our various stakeholders accordingly,” Nkomo added.

The company reported renewed investor interest in the project since the coming in of the current political administration in November 2017, in its interim financial statement for the period ending 30 June 2018 witnessed.

When completed, the project will add to the power grid and create thousands of permanent jobs.