Shumba expands coal portfolio

The terms of acquisition which are subject to due diligence and Shumba Energy securing all required regulatory approvals are that an immediate cash payment of $1.4 million be paid to Hodges Resources and further payment of $1 million due one year after commercial production.

Before acquiring Morupule South, Shumba already owned two other one billion tonnes each coal deposits at Sechaba project near Palapye as well as the Mabesekwa project. Shumba plans to put up Independent Power Production plant at both projects.