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Simunye

The Directors also intend to develop opportunities in other areas of Southern Africa outside the Republic of South Africa. To that end, the Company is currently in negotiation on a project to build, own and operate a new bagasse-fired CHP plant for the Royal Swazi Sugar Corporation (RSSC) in Simunye, Swaziland. It is intended that the project will supply process steam for RSSC’s operations, and electricity for sale to the Swazi Electricity Board under a long term contract. Initial agreements have been signed and Tibiyo Taka Ngwane, the majority shareholder of RSSC, has indicated that it may be prepared to provide up to 20 per cent of the equity for the project.