Another miner disinvests from Botswana’s coal projects

0
Coal

Botswana’s coal industry development has suffered another dent following Shumba Energy announcing intentions to sell its coal projects in the country.

“The company intends to appoint specialist advisors to assist the company in developing and implementing an appropriate strategy to monetize its fossil fuel assets and assess their migration into a more appropriate company,” said Mashale Phumaphi, Managing Director of Shumba Energy on Friday.

He said the company’s focus in the immediate term going forward will be on delivery of renewable energy projects.

The Mauritius based company with various projects in Botswana has also announced intentions to redomicile the business to Botswana so that it can be listed on the domestic main board of the Botswana Stock Exchange (BSE). Currently the business is listed on the BSE’s foreign companies’ board.

However, Phumaphi believes that fossil fueled projects will continue to be necessary for a transitional period of some decades to support Africa’s rapidly increasing base-load energy requirements.

Last month, Kibo Energy announced intentions to refocus, dispose of coal energy projects to focus on renewable energy opportunities. Kibo has been developing three utility scale, coal-fueled power projects, located in Tanzania, Botswana, and Mozambique.

The development is threatening Botswana’s coal which is estimated to have over 200 billion resource unutilised. Enditem

Send your news stories to newsghana101@gmail.com and via WhatsApp on +233 244244807
Follow News Ghana on Google News

LEAVE A REPLY

Please enter your comment!
Please enter your name here