Further setback for Mmamabula project

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A six-month long effort by CIC Energy to court investors for a full takeover of the troubled Mmamabula Energy Complex has been unsuccessful, forcing the company to focus on partners interested in a minority holding in the Canadian firm.

CIC Energy announced on Monday that attempts to secure investors for 100 percent acquisition of the firm and its Mmamabula project were unsuccessful.

Discussions have begun with "potential strategic investors' with a view to the acquisition of a minority position in the company, a statement from CIC Energy reads.

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