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Johannesburg - CIC Energy, which hopes to build a power station and coal mine in Botswana to supply electricity to Eskom, has again decided to postpone the project because of South African regulatory stumbling blocks.
The power station would originally have been operational in 2012, delivering 2 400MW, 75% of which would have gone to Eskom.
Its plans have meanwhile been scaled down to 1 200MW and it now seems improbable that the company can meet its 2014 target date.
CIC Energy, which is registered in the British Virgin Islands and which listed in Botswana and Canada in 2006, this week said that it had decided to defer certain financial, legal and engineering operations at its power station and mine in the Mmamabula coalfield in Botswana.
This decision had been necessitated by the publication of the South African government's integrated resources plan early in December.
Contrary to expectation, this plan only contains the requirements for new generation capacity coming on line in the period from April 2010 to March 2013.
Requirements for new generation capacity for subsequent periods, which apply to CIC Energy's Mmamabula project, will receive attention in a second plan that is expected to be completed only by the middle of next year.
CIC Energy cannot receive approval from the Department of Energy for the proposed project before this plan has been finalised.
- Sake24.com
For more business news in Afrikaans, go to Sake24.com.