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Contango Holdings Plc ( (GB:CGO) ) just unveiled an update.
Contango Holdings has confirmed the completion of registration with the Reserve Bank of Zimbabwe for the transfer of a 51% stake in Monaf Investments, the owner of the Muchesu coal project, to Pacific Goal Investments, which has also been registered as the project’s operator. The revised shareholding in Monaf now sees PGI as majority owner, with Contango’s holding reduced to 24%, while Contango retains an economic interest through a long-term mineral royalty agreement that guarantees per‑tonne payments on different coal products and a minimum US$2 million per year. The company also reported receipt of US$1 million from PGI, representing the first payment under the revised arrangements and linked to settlement of outstanding liabilities as PGI assumes the role of operator, equity holder and provider of a previously agreed US$20 million loan facility for Muchesu, underscoring the advancing strategic partnership and project funding framework.
More about Contango Holdings Plc
Contango Holdings Plc is focused on unlocking value from the +2 billion tonne Muchesu coal project in Zimbabwe, held through its interest in Monaf Investments (Private) Limited. The project targets thermal, industrial and coking coal, positioning Contango within the regional coal and energy supply chain, while leveraging partnerships with industrial operators active in Zimbabwe’s mining and energy sectors.
Average Trading Volume: 807,595
Technical Sentiment Signal: Sell
Current Market Cap: £5.68M
Find detailed analytics on CGO stock on TipRanks’ Stock Analysis page.