Edenville Energy PLC Operational Update (9157C)
24 Junio 2021 - 1:00AM
UK Regulatory
TIDMEDL
RNS Number : 9157C
Edenville Energy PLC
24 June 2021
24 June 2021
Edenville Energy Plc
("Edenville" or the "Company")
Operational Update
and
Change of Director Roles
Edenville Energy Plc (AIM: EDL), the AIM quoted company
operating the Rukwa Coal Project in southwest Tanzania, is pleased
to provide an update regarding the Company's Rukwa Coal Project
("Rukwa" or the "Project").
The Company is pleased to report that following the recent
induction of the new President in Tanzania and the lessening impact
of Covid-19 there has been considerable positive sentiment in the
region, which appears to be translating into business confidence
and action. This has been further supported by a new approach to
marketing of the Company's coal products. As a result of this, the
Company is anticipating achieving a full order book over the next
few months.
- The Company has commenced the shipment of coal fines from the
Rukwa mine site. To date over 1,000 tonnes have been transported
with an expected ongoing demand of 1,000-1,200 tonnes per month.
This material is being dug from existing stockpiles.
- The Company expects to re-commence shipping washed coal in
July to one of its anchor tenants with a supply arrangement of 750
tonnes per month having been agreed.
- A trial shipment of 180 tonnes of washed coal has been
dispatched to a local cement producer and subject to satisfactory
performance of this coal an order of 3,000 tonnes per month is
anticipated to follow in July.
- An export order has been received for a trial shipment of 480
tonnes of washed coal. Subject to satisfactory performance a total
requirement of 3,000-5,000 tonnes per month has been indicated from
this customer.
- The Company has recommenced discussions with the Tanzanian
Government and recently been invited to submit an unsolicited
proposal for the supply of coal to an on-site power station owned
and operated by the Tanzanian Government. The Tanzanian Government
power planning programme shows the need for a base load plant by
2026.
In the event that all of these contracts materialise as
anticipated in Q3 2021, this would equate to some 6,750-8,750
tonnes per month of washed call and 1,000-1,200 tonnes per month of
fines.
Consistent with the positive sentiment in the region the Company
is working on a number of other supply opportunities in the East
African region, for which further expansion of production capacity
at Rukwa may be required.
The status of the agreement with Infrastructure and Logistics
Tanzania Limited ("ILTL"), as announced on 8 June 2020, will be
reviewed once production rates at Rukwa exceed 3000 tonnes per
month.
Further announcements will be made as appropriate.
Change of Director Roles
With the return to more normal working conditions in Tanzania
and the focus of the Company on exploring potential acquisition
opportunities, acting CEO and Chairman Jeff Malaihollo has handed
back CEO responsibilities to Alistair Muir. Jeff Malaihollo will
continue to be Non-executive Chairman of the Company. In addition,
the Directors are reviewing the composition of the Board, with the
appointment of at least one additional non-executive director
proposed to be made.
Alistair Muir, CEO of Edenville, commented:
"It is pleasing to see business beginning to return to normal in
Tanzania and we look forward to realising the full potential of
Rukwa. On the acquisition front we have recently spent time with
our new strategic investor, Tony Buckingham, and we look forward to
exploring opportunities with him and his team, alongside those
provided by other parties."
For further information please contact:
Edenville Energy Plc
Jeff Malaihollo - Chairman
Alistair Muir - CEO +44 (0) 20 3934 6630
Strand Hanson Limited
(Financial and Nominated Adviser)
James Harris
Rory Murphy
Georgia Langoulant +44 (0) 02 7409 3494
Brandon Hill Capital Ltd
(Broker)
Oliver Stansfield
Jonathan Evans +44 (0) 20 7936 5200
IFC Advisory Limited
(Financial PR and IR)
Tim Metcalfe
Florence Chandler +44 (0) 20 3934 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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