Sese Power Project

African Energy Limited (AEL) with former JV partner, First Quantum Minerals (FQM), completed several technical studies covering mining, coal preparation and power generation over the past 10 years.

A conceptual study of the proposed power station layout and design determined that Sese coal is a suitable fuel for all common power station boiler technologies and can readily meet the required air quality and emissions standards set in the environmental approvals for the project.

These studies have also established the operating costs, capital costs and a robust financial model for a power project and the associated coal mine and coal processing facilities and have demonstrated that power from Sese could be delivered to the Zambian Copperbelt.

The project has secured the majority of licences, permits and stakeholder approvals that are required for such an operation.

In 2023, the Sese joint venture with FQM was wound up with AEL returning to 100% owner of the Sese Project.

AEL has commenced a process of engagement with parties who wish to develop new generation. A project data room has been established and multiple expressions of interest have been received. AEL expects this process to progress over the coming months with the intention of concluding a transaction that will see the introduction of a new investor to the Sese Project.

This may result in AEL selling down its equity position in the project to facilitate the new partners and retaining a minority interest or a coal production royalty.