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African Energy Resources' Shares Add 64.7% In One Month

African Energy Resources (ASX: AFR) closed Monday at $0.14, with the shares having now rallied 64.7% since the company executed a joint development agreement with ACWA Power International last month.

AFR and ACWA Power have jointly submitted an Expression of Interest (NYSE:EOI) for the 300MW Greenfield Tender Request recently announced by the Ministry of Minerals, Energy and Water Resources, on behalf of the Government of the Republic of Botswana.

ACWA Power brings a pedigree and track record of completing multi-billion dollar transactions in delivering power solutions in numerous countries, and has paid-up capital of around US$1.4 billion. It is owned by eight Saudi conglomerates.

This project would be fuelled by coal from just a 50 million tonne block within the Sese deposit's 2,500 million tonnes of resources - thereby providing African Energy with enormous remaining resources to fuel other power projects.

Sese is believed to be one of only two greenfield projects in Botswana capable of delivering power by end 2016.

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