Cabora Bassa project has been classified as one of the key projects within Zimbabwe that can provide a significant economic benefit to the economy in pursuit of the vision of becoming a Middle Income Economy by 2030
Invictus Energy announced that the Company’s Cabora Bassa project at Muzarabani held through the Company’s 80% interest in Geo Associates (Private) Limited has been classifiedas a priority development project by the Office of the President and Cabinet of Zimbabwe.
By way of background, the Ministry of Mines and Mining Development has been tasked to identify priority projects to be implemented under the new Zimbabwe Government’s 5th 100 Day Cycle Priority Projects using the Rapid Results Initiative.
The Company’s Cabora Bassa project has been classified as one of the key projects within Zimbabwe that can provide a significant economic benefit to the economy in pursuit of the vision of becoming a Middle Income Economy by 2030.
The board is encouraged by the strong support being offered by the Government of Zimbabwe to fast track the Cabora Bassa project to achieve a number of outcomes including the finalisation of a Production Sharing Agreement (PSA) with the Republic of Zimbabwe. The PSA will ensure that apredictable,stable and transparent legal and fiscal regimeis put in place that is commensurate with terms in the region, follows international best industry practice and meets the country’s aspirations.
Invictus and One-Gas Resourceslook forward to working in conjunction with the Office of the President and Cabinet and the Zimbabwe Ministry of Mines and Mining Development and other Ministries to progress the Cabora Bassa projectto ensure that key outcomes aredelivered during this period.
Source: Company Press Release