| Notes |
In May 2006 MagEnergy Inc., announced the signing of an agreement (the “Agreement”) to develop the Busanga Hydroelectric site on the Lualaba River in the Katanga Province of the DRC. The Agreement was concluded with the Ministry of Energy and follows the appointment of MagEnergy as an Independent Power Producer (IPP) in the DRC. The agreement is in line with the continuing support of the government of DRC for establishing Public Private Partnerships in the framework of developing the countries energy resources.
The Busanga hydro site has been the subject of previous technical studies and the site is expected to support the production of about 250 megawatts of electricity. MagEnergy has collected and reviewed existing technical studies and has retained Ingerop of Johannesburg to complete a feasibility studywork. The feasibility will include civil engineering, hydro mechanical, electrical equipment and environmental impact. Assuming a positive feasibility study, MagEnergy intends to proceed to project financing of the Busanga site by late 2007. [ http://www.magindustries.com/detail.php?id=509 - Retrieved on 31 JAN 2008 ] |