Mmamabula may start smaller-CIC

The company was unable to reach an agreement with the preferred engineering, procurement and construction (EPC) contractor before a deadline for securing manufacturing slots for big long-lead-time equipment passed last week, and is now looking at "alternative configurations", which will probably mean building a smaller plant to begin with, and then adding more capacity at a later stage.

Shares in the company plunged when they resumed trading on Monday, after having been halted pending news on Friday. CIC Energy was down 44,64percent, at C$5,73 a share by 16:10 in Toronto.