Sable Mining surges after signing MoU with CITIC Group

21st Sep 2015 11:18

(ShareCast News) - Shares in Sable Mining surged almost 90% on Monday morning, after the miner announced it had entered a memorandum of understanding (MoU) with CITIC Group.Under the terms of the MoU, CITIC and the China-based construction and services provider will work together to develop a 600 megawatt coal-fired power plant at Sable's Lubu coal project in Zimbabwe.The London-listed company said it had received support by the Republic of Zimbabwe and the Ministry of Energy and Power Development, which is the administration in charge of power development."Our team now look forward to exploring the commercial potential of this MoU further with the CITIC team and moving forwards with this project at speed," said group chief executive Andrew Groves.Sable Mining shares were up 90.85% to 1.01p at 1123 BST on Monday.