First Quantum Minerals (FQM) intends to increase its stake in Sese Joint venture (Sese JV) power project in Botswana.
The company has agreed to invest a further A$2.54 million to reach a 75 percent interest, leaving 25 percent for its partner African Energy Resources.
Indications are that FQM has signed a power purchase agreement for 100MW from the Sese JV project whose capacity has recently been increased to 500MW.
“Negotiations with the Botswana Energy Regulatory Authority (BERA) for a generation and export licence continue,” said AFR in a statement this week.
The company further says negotiations with Botswana Power Corporation (BPC) for a grid connection and use of system agreement are also on-going coupled with negotiations with other credit‐worthy off-takers for the remaining 88MW of power available from development of the first 225MW unit at Sese.
Meanwhile the department of environmental affairs in Botswana has approved an updated Environmental Impact Assessment (EIA) for the Sese Power Project to scale up the project to 500MW of power generation and associated coal mining and processing activities.