Clean Invest Africa Plc - Advance of commercial opportunity in Colombia
PR Newswire
London, April 25
26 April 2022
Clean Invest Africa Plc
("CIA" or the "Company")
CIA advances its commercial opportunity in Colombia
The Company is pleased to advise shareholders of the completion of the trial and testing phase of its thermal coal commercial project in Colombia.
Trial production pellets made from coal fine samples received from a coal mine in Colombia, have now been sent by the Company and received by the client in Colombia. This step follows the Colombian mine having shipped coal fine waste to the Company production plant at Bulpan in South Africa, where the full batch was pelletised by the Company and the pellets then shipped back to the mine in Columbia, a process that has taken a number of months in terms of labour and resources.
The arrival in Colombia of the completed sample produced to the client specification is to be followed up now by further commercial negotiations. These negotiations are based on a financial model for a 5,000 tonnes per month on site thermal coal plant, which model has previously been submitted to our Colombian partner for review. An off-take agreement for the 5,000 tonnes per month output is under discussion as part of the negotiations and these commercial discussions are expected to be finalised in about 8 weeks.
It is worth noting that coal is much in demand. Recent research by Rystad Energy states "coal prices are soaring, hitting US$462/t on 10 March 2022, up from US$186/t on 23 February 2022 and likely to pass US$500/t this year."
Further announcements will be made in due course
The Directors of the Company accept responsibility for the content of this announcement.
ENQUIRIES :
Clean Invest Africa plc
Filippo Fantechi - Chief Executive Officer: +973 3 9696273
Peterhouse Capital Limited
Guy Miller: +44 20 7469 0930
