NcondeziEnergy Ltd. said on May 11 that it has signed a US$1.3 million loanfacility with directors, management and long-term shareholders to fund ongoingworking capital requirements to finalize the joint development agreement with Shanghai Electric PowerCo. Ltd.

The company expects to be fully funded until the end of thethird quarter this year.

The partners are developing a 300-MW power project in Tete, Mozambique,supplied by coal from the Ncondezi mine.