Zimbabwe to be a net exporter of diesel

Zimbabwe to be a net exporter of diesel
Published: 30 January 2012 (1395 Views)
South African coal miner LontohCoal plans to build a 50 000 barrels-per-day coal-to-liquids plant in Zimbabwe, with commissioning expected in 2017, its chief executive officer Tshepo Kgadima said on Tuesday.

He said the CTL plant, expected to cost $5,5 billion, would be supplied by thermal coal coming out of the Lubimbi coal project, in which the company holds a 51% stake.

Lubimbi is expected to produce 27 million tonnes of thermal coal a year.

Kgadima said he did not foresee any difficulties in raising money for the project, even if it is to be based in Zimbabwe, adding political risk in the country was likely to ease.

The company plans to raise up to $500 million when it lists in Hong Kong in early 2012.

The listing had been delayed slightly as the company sought to secure an offtake agreement for a big part of its coal, which Kgadima said would make it more attractive to investors.

LontohCoal decided to have its primary listing in Hong Kong as opposed to Johannesburg given its large exposure to Asia.

The 18 million tonnes of coking coal per year expected from the Lubimbi deposit in Zimbabwe would be exported, most of it destined for China, he added.

- ND

Tags: Diesel,
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