Edenville Energy PLC Operational Update Rukwa Coal Project (3416K)
04 5월 2022 - 11:52PM
UK Regulatory
TIDMEDL
RNS Number : 3416K
Edenville Energy PLC
04 May 2022
4 May 2022
Edenville Energy Plc
("Edenville" or the "Company")
Operational Update Rukwa Coal Project
Edenville Energy Plc (AIM: EDL) wishes to provide an update on
operations at its 100% owned Rukwa coal project in Tanzania
("Rukwa").
From 1 February 2022 to 30 April 2022, 610 tonnes of washed coal
was sold and 453 tonnes of fines were sold ex-stockpile. Little Run
of Mine ("ROM") coal was mined given the period covered the end of
the rainy season and delays in the full operational handover to the
new contract miner. The Company believes the operational issues
impacting production are being addressed, or will be so in the near
term, enabling the Company to focus on achieving its targeted
production rates. The Company continues to see growing demand for
its coal, at increasingly favourable prices, with a number of
buyers keen to enter into offtake agreements upon confirmation of
stable production and surety of supply from operations.
The contract mining agreement announced on 3 February 2022
placed the production and operational costs on the contractor and
accordingly whilst the Company has not to-date benefited from
material revenue generation, its existing cash resources have
largely been maintained. This has ensured the Company remains in a
healthy financial position as it continues to review additional
investment and operational opportunities. At the same time, the
Company is in discussions with its contract mining partner to
ensure that the Company's operations at Rukwa are progressed on a
timely basis.
Alistair Muir, CEO of Edenville, commented: "Rukwa has the
potential to produce significant free-cash to Edenville from its
operations, particularly in the global coal pricing environment.
Whilst we are yet to witness the economic benefits in a material
way, by entering into a contracting arrangement we have largely
mitigated the direct financial liabilities during this period of
transition, enabling us to conserve our cash and focus on future
transactions. As we move into a long dry season, we are focused on
materially increasing production and believe we will be successful
in delivering on this objective."
For further information please contact:
Edenville Energy Plc
Jeff Malaihollo - Chairman +44 (0) 20 3934
Alistair Muir - CEO 6630
Strand Hanson Limited
(Financial and Nominated Adviser)
James Harris +44 (0) 02 7409
Rory Murphy 3494
Tavira Securities Limited +44 (0) 20 7100
(Broker) 5100
Oliver Stansfield
Jonathan Evans
IFC Advisory Limited
(Financial PR and IR)
Tim Metcalfe +44 (0) 20 3934
Florence Chandler 6630
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
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END
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May 04, 2022 10:52 ET (14:52 GMT)
Edenville Energy (LSE:EDL)
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