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Mag Industries to refurbish Inga

Africa's great energy hope, Inga, is to see its capacity increased when industrial group Mag Industries starts a refurbishment programme on its turbines.
The first stage of the programme, CEO William Burton said, involves refurbishing Inga two turbine, which is scheduled to start imminently.

Following on from this, all four of the turbines are due to be rehabilitated by the Toronto Stock Exchange Ventures-listed firm with a market capitalisation of $123-million.

Phase one of the project will cost some $11-million, while phase two of the project is set to cost some $110-million.

The technical feasibility study has already been completed.

The Industrial development Corporation is acting as equity partner for the project, while Standard bank is managing the financing.

The project, handled under subsidiary Mag Energy as part of a public private partnership, will see the 1 700 MW hydropower plant moving back towards full capacity, which is currently at 20%.

Built in the 1960s and 1970s, the project was originally conceptualised as a four-phase project but was built in two phases.

The first cash flows from the refurbishment programme are expected to be seen in the second quarter of this year, while the second phase will pay dividends later.

All phases are set to be complete by mid-2007 and the firm will then enjoy returns from power generation at this low-cost producer.

Additional information:
News date: 09/02/2006

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