On April 8, 2011, the Addendum for completion of the Tokwe Mukorsi dam was signed with the Zimbabwean government, represented by the Ministry of Water Resources Development and Management. The addendum, worth about €66 million, also provided for the full payment of delayed receivables owed by the client for previous addenda, amounting to about €11 million, which has been collected in full.
In 2012 and 2013, four new contract changes were also approved, thus resulting in a change in the value of the contract due to the approval of new designs, an increase in the amount of excavation, and an extension of the contractual deadlines.
The project, which will include the highest dam in the country and will create the largest man-made lake in Zimbabwe, involves the construction of a rockfill embankment with a maximum height of 90 meters, a capacity of 1.8 billion cubic meters, and the potential to irrigate 25,000 hectares of agricultural land.
The project has completed the roadwork, with the construction of about 43 km of roads, excavation of the main dam and the five saddle dams, the intake tower, and the diversion tunnel. The embankment for the main dam and those for the 5 saddle dams have also been completed, with a relevant Taking Over Certificate being issued.
At December 31, 2014 four Variation Orders were issued by the Customer in the light of which the value of the Project has changed to €154 million.
At December 31, 2014, all activities at the worksite have been halted due to non-payment.
The percentage of completion as of December 31, 2014 was 92.5%.