Contango Holdings Plc, the London listed natural resource development company, is pleased to announce that it has signed a Letter of Intent ('LOI') with CoalZim Marketing (Pvt) Limited ('CoalZim') relating to an offtake agreement for coal products produced at the Company's Lubu Coalfield Project in Zimbabwe ('Lubu').

Carl Esprey, Executive Director of Contango Holdings, said: "The delivery of another LOI, within 10 days of securing our first agreement with South Mining, further highlights the strong demand dynamics for our coal products within Zimbabwe. Furthermore, the anticipated pricing of this agreement, being between $100 and $120 per metric tonne of coal delivered to Harare against the forecast extraction and washing and transport cost of circa $30 per metric tonne, provides further support for the potential value of this contract. 

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