Mmamabula to cut power deficit - CIC boss

Kinross said that Canada- and Botswana-listed CIC's Mmamabula project in Botswana went some way to filling that deficit but did not go all the way. "There is need or more projects in the region," he said. He said that CIC had concluded its agreement with operator International Power and had attracted a 20 percent Sumitomo shareholding interest for what would be a $9,5-billion project.

There was excellent interest from finance markets, which viewed the Mmamabula project a debt safe haven. No Botswana mining licence problems and all environmental approvals had been obtained were no longer on critical path. Discussions were progressing for a turnkey contract for the entire power plant, which would be built in 48 month to 51 month. Excellent fiscal incentives had improved competitiveness. The first phase of Mmamabula was the 9 m t/y mine supplying 2 500 MW power plant.