Mozambique Energy: Ncondezi powers up!

Shares in Mozambique-focused Ncondezi Energy (LN:CCL) led the pack in this week’s list of Johannesburg and London-listed market risers as commodity prices take a breather.

Aside from last week’s change of registered office address in the British Virgin Islands, Ncondezi has had little to say since gaining a 12-month extension on a shareholder loan repayment earlier this month.

Ncondezi is planning an integrated thermal coal mine and power plant in Mozambique.

Shares in Conroy Gold and Natural Resources (LN:CGNR) continued to climb as the ramifications of last month’s series of board shake-ups continue.

A high court hearing began in Dublin last week over claims shareholder Patrick O’Sullivan and nominees were appointed to the board at a meeting in early August.

Commodity prices have softened in the past week while markets await direction from the US Federal Reserve’s Federal Open Market Committee meeting, which is due to wrap up later today (in the US) and is widely expected to leave interest rates unchanged.

The Metal Bulletin’s benchmark 62% Fe iron ore price dropped below US$70 a tonne yesterday, copper has dropped back from its two-year high reached earlier this month and the spot nickel price has shed almost $900 a tonne in the past week to $11,069.50/t.

Meanwhile, shares in Botswana Diamonds (LN:BOD) have climbed since announcing an exploration update for its Vutomi joint venture in South Africa.

The company said it had drilled 17 holes at the Zebediela project and would start large diameter drilling there next month, while ground geophysics had detailed the size of its kimberlite discovery at Ontevreden.