Ncondezi Energy said it had received a letter of support from authorities in Mozambique for a 300MW power and coal mine project.

The company said it had also signed a non-binding memorandum of understanding with state power utility Electricity de Mozambique with regards to the project.

The two agreements set out a clear pathway for development of the project, including finalization of the project timetable, the company said.

The support documents had been shared with the company’s potential strategic partners for review.

Ncondezi Energy also said that proposed final loan restructuring documents were submitted to loan holders on 2 November for signature.

The company said it would make an announcement once the documentation was finalized.

At 9:22am: [LON:NCCL] Ncondezi Energy Limited share price was +0.35p at 7.25p