Law360, New York (May 18, 2012, 3:55 PM ET) -- London-listed coal development firm Ncondezi Coal Co. Ltd. on Friday announced a framework agreement with the government of Mozambique, a precursor to the signing of a contract to dig a $376 million mine.
The deal with the Ministry of Mineral Resources marks a step forward for Ncondezi's namesake effort: the Ncondezi Project. The company holds four coal exploration licenses across 150 square miles in the Tete Province in northwest Mozambique, home to some of the world's biggest untapped coal reserves.
"The signing of this agreement is...
Ncondezi Coal Moves Forward On $376M Mozambique Mine
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