StockMarketWire.com - Ncondezi Energy [LON:NCCL] has signed a binding joint development agreement with Shanghai Electric Power Co., Ltd to develop the Ncondezi 300MW coal fired power project in Tete, Mozambique.

SEP will become the strategic investor in the power project and will invest up to USD25.5 million to fund the development costs to financial close in return for a 60% equity interest in Ncondezi Power Company SA, a subsidiary that will hold 100% of the power project.

Based on SEP's expertise in coal fired power generation, the power project boiler technology will change from circulating fluidised-bed to pulverised coal. NPC will pay Ncondezi an additional USD35 million on initial draw down of funds after financial close of the power project.

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Beowulf Mining [LON:BEM] has acquired Oy Fennoscandian Resources AB, a privately owned graphite exploration company with projects in Finland.

Beowulf has acquired a portfolio of four early-stage graphite exploration projects located in Finland, with all projects being held by Fennoscandian under 100% owned claim reservations:

* Viistola - A potentially high grade deposit, anticipated to contain graphitic carbon ("Cg") grading 20-35 per cent Cg. * Haapam�ki - A high grade Cg project with attractive flake sizes. Historic studies have reported visually estimated flake sizes ranging 0.1-2.0 millimetres in length. * Piipum�ki - This project has shown evidence of high quality graphite flakes with visible hexagonal growth, and physical characteristics reportedly comparable with synthetic graphite. * Kolari - A single diamond drillhole R1 intersected 170 metres of mineralisation starting from surface, with an average grade of 8.9 per cent Cg. The graphite at the project has been described as very fine to fine microcrystalline.

Beowulf will acquire 100% of the share capital of Fennoscandian in consideration for a total of 2.55 million ordinary shares in the capital of the company. The transaction will consist of an initial payment of 2.1 million shares with a deferred payment of 450,000 shares. In addition, two equal tranches of shares will be issued on achievement of certain performance milestones. The total number of ordinary shares that may be issued, if all performance milestones are achieved, is 6.75 million ordinary shares.

Chief executive Kurt Budge said: "I am very pleased to announce this acquisition at the start of the New Year. Fennoscandian gives Beowulf a jump-start into the graphite sector, providing the Company with an attractive portfolio of projects in a known and well understood mining jurisdiction. "Beowulf has been assessing potential acquisition targets and conducting due diligence over the last 14-months with a view to looking beyond solely delivering exploration success and towards delivering production. The acquisition of Fennoscandian offers exploration assets and, through our role in the FennoFlake project, enables the Company to gain market insight that will guide Beowulf in commercialising Fennoscandian's projects.

"I am also delighted that Rasmus Blomqvist founder of Fennoscandian is remaining with the company. Rasmus has tremendous experience across the Fennoscandian shield and is an excellent fit with Beowulf, as we advance mineral projects up the value curve and continue to evaluate opportunities across the Nordic region.

"In parallel with the continuing efforts to gain a positive decision on the Exploitation Concession for Kallak North, we have rationalised Beowulf's existing exploration portfolio and I am delighted that we are now able to diversify and add to it. With Kallak in Sweden and Fennoscandian in Finland, Beowulf is developing a high quality portfolio of assets in a well-established mining region."

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Griffin Mining Ltd [LON:GFM] said a new 35kV mains power line has now been connected to the Caijiaying mine site and activated, which allows work to commence on commissioning the new third main ball mill.

Further to the announcement made on 19th October 2015, the Chinese state safety bureau have completed their investigatory work into and reported on the circumstances that caused the death underground of an employee of the mining contractor on 17th October 2015.

Whilst the primary cause of the incident was determined as being poor quality cement supplied, all recommendations to improve safety at Caijiaying made by the safety bureau have been implemented and a fine of Rmb500,000 paid.

As a result mining operations are expected to recommence shortly.

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Tri-Star Resources [LON:TSTR] said completion of its Golden Pike disposal occurred on Jan. 8.

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Kibo Mining [LON:KIBO] says it is busy finalising a memorandum of understanding with Tanzania Electric Supply Company Limited on a power purchase agreement for the Mbeya coal to power project.

Over the past twelve months Kibo has been engaged in a very constructive dialogue with TANESCO and the Tanzanian Ministry of Energy and Minerals. During this process the parties identified an agreed set of principles to guide and direct the development of a PPA for the MCPP. These principles seek to recognise, balance and protect the interests of all MCPP stakeholders in a manner that ensures the best interests of the MCPP are served at all times. This set of principles will be incorporated in an official MOU with TANESCO to serve as the reference framework within which the parties will jointly develop and implement an appropriate PPA for the MCPP.

Chief executive Louis Coetzee said: "The MCPP continues to make significant progress, with this latest breakthrough being one of the most important milestones in the development of the MCPP to date. Finalizing critical commercial arrangements on the MCPP, to ensure optimal value creation and realization on the company's flagship asset, is crucial at this stage of the project's development. This announcement also shows that the company is diligently and successfully attending to the MCPP's key commercial development objectives. These efforts are in turn strongly supported by the ongoing technical feasibility work that is rapidly advancing in parallel.

"Kibo is continuing to progress the final phases of the MCPP Definitive Feasibility Study with confidence and significant momentum. We have every reason to believe that we will be able to conclude the MOU in the very near future and that we will complete all remaining feasibility work on time and in doing so also deliver the Bankable Feasibility Study for the integrated MCPP on schedule."

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Edenville Energy's [LON:EDL] and Runh Power have agreed on a work programme for the Rukwa coal to power project in south-western Tanzania.

Edenville sees 2016 as a transformational year for the project and continues to focus on securing a power purchase agreement and project level finance prior to commencement of construction.

The company says that following on from the recent collaboration agreement, it and Runh Power have agreed on a work programme for Q1 2016. The initial phase of the work programme comprises of multiple meetings with Tanzanian Government Organisations and technical analysis at the Rukwa site, to progress the Rukwa Coal to Power Project in accordance with Tanzania's Power Development Plan.

Edenville and Runh Power will work closely to action the remaining bankable feasibility work, expanding the Lahmeyer Rukwa Power Plant Feasibility Study (2015) to generate a definitive technical study and financial model which will underpin Power Purchase Agreement ('PPA') negotiations with the Tanzanian Government and advance financing options with suitable institutions. It says the mining licence application process is ongoing. The application has reached the stage of being placed on the MEM Cadastre system with the status of 'Application Recommended'. It is now awaiting the input of senior officials in the Ministry of Energy and Minerals (MEM) to complete the process.













At 4:22pm:

[LON:AQP] Aquarius Platinum Ltd share price was -0.25p at 11.5p

[LON:BEM] Beowulf Mining PLC share price was +0.35p at 6.25p

[LON:BKY] Berkeley Resources Ltd share price was +0.25p at 24.75p

[LON:CEY] Centamin PLC share price was -0.82p at 64.63p

[LON:CHL] Churchill Mining PLC share price was -0.12p at 21.63p

[LON:CZA] Coal of Africa Ltd share price was +0.12p at 2.47p

[LON:FDI] Firestone Diamonds PLC share price was 0p at 18.75p

[LON:FRES] Fresnillo PLC share price was -9p at 684p

[LON:GEMD] Gem Diamonds Ltd share price was -1.25p at 115.25p

[LON:GFM] Griffin Mining share price was +1p at 25.75p

[LON:HOC] Hochschild Mining PLC share price was +0.88p at 47.38p

[LON:KIBO] Kibo Mining share price was -0.13p at 5p

[LON:KMR] Kenmare Resources PLC share price was +0.02p at 0.69p

[LON:NCCL] Ncondezi Energy Limited share price was +3.25p at 7p

[LON:TSTR] TriStar Resources PLC share price was 0p at 0.08p

[LON:VED] Vedanta Resources PLC share price was -16.75p at 209.75p



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