Linc Energy makes Africa move

Company News

Linc Energy Limited (ASX:LNC) has entered a joint venture with Exxaro to develop underground coal gasification projects in sub-Saharan Africa.
The agreement is conditional on approval by the South African Reserve Bank and has come about after joint concept studies conducted during the past 18 months.
Linc Energy CEO Peter Bond says the move will add Africa to its global portfolio to roll-out UCG as an alternative energy solution.
Mr Bond says the projects will bring benefits for shareholders as well as energy supply as part of the economic uplift in local and regional South African communities.
Under the agreement Exxaro will pay an upfront licence fee of $20 million plus a further $7 million fee once the project passes performance tests expected to occur in 2017.
Linc Energy posted a net loss of $41.6 million in the first half of fiscal 2013.

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