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Invictus Energy’s (ASX: IVZ) Cabora Bassa listed as priority to Zimbabwe Govt.
  • Invictus Energy's (IVZ) Cabora Bassa Project has been classified as a priority development project by the Government of Zimbabwe
  • The company’s project has been classified as one of the key projects within Zimbabwe that can provide a significant economic benefit to the economy
  • Invictus Energy is up 7.69 per cent on the ASX and is trading at 2.8¢ apiece

Invictus Energy's (IVZ) Cabora Bassa project has been classified as a priority development project by the Officer of the President and Cabinet of Zimbabwe.

Its Cabora Bassa project is located in Northern Zimbabwe.

The Ministry of Mines and Mining Development has been tased to identify priority projects. This was implemented under the new Zimbabwe Government’s 5th 100 Day Cycle Priority Projects using the Rapid Results Initiative.

The company’s Cabora Bassa project has been classified as one of the key projects within Zimbabwe that can provide a significant economic benefit to the economy.

This will help the country as it aims to become a middle-income economy by 2030.

"The board is encouraged by the strong support being offered by the Government of Zimbabwe to fast track the Cabora Bassa project to achieve a number of outcomes including the finalisation of a Production Sharing Agreement (PSA) with the Republic of Zimbabwe," the company said.

The PSA will help ensure that a predictable, stable and transparent legal and fiscal regime is put in place. It will be appropriate with terms in the region, that follows the international industry practice and the country's aspirations.

Invictus will be working with One-Gas and the Zimbabwe Government to progress the Cabora Bassa project to make sure the key outcomes are delivered during this project.

Invictus Energy is up 7.69 per cent on the ASX and is trading at 2.8¢ apiece at 1:15 pm AEDT.


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