Miner First Quantum Minerals Ltd (FQM) has agreed to purchase up to 75% of the Sese coal-to-power project from Australia’s African Energy Resources (AFR) for $20m. The companies have executed a binding heads of agreement under which FQM can earn an interest in the Sese project through investment of A$20m and arranging finance as a loan carry for AFR’s 25% interest in the project. FQM will also buy shares in AFR, giving it 12.6% in the company, which is developing a series of 300MW integrated power projects and captive coal mines at its Sese project.
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