Sese Joint Venture Agreement
The key terms of the Joint Venture Agreement with First Quantum Minerals Ltd are as follows:
- In 2014, FQM purchased a initial 51% stake in Sese for $8m and become project manager for the Sese Project.
- First Quantum Minerals Limited have continued to invest in the Sese Joint Venture, increasing its stake to 61% by spending an additional A$5M. First Quantum will invest a further A$5M to reach a 75% interest.
- African Energy is not required to commit any further development funding to the Sese project, and its 25% interest in any coal-to-power project developed at the site will be loan carried by First Quantum through to production.
- AFR’s 25% carried interest will be financed under the same terms as FQM’s majority stake with FQM to arrange the full financing for each project.