Edenville Energy PLC Rukwa Update (5295J)
24 Agosto 2021 - 1:00AM
UK Regulatory
TIDMEDL
RNS Number : 5295J
Edenville Energy PLC
24 August 2021
24 August 2021
Edenville Energy Plc
("Edenville" or the "Company")
Rukwa Update
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").
As the Company has previously reported, following the induction
of the new President in Tanzania there has been considerable
positive sentiment in the country, which appears to be translating
into business confidence and action. In addition, the increase in
the steaming coal price, which has more than doubled over the past
12 months, to its current level of in excess of US$130 per tonne
(August 2021 price for South African Richards Bay FOB), is bringing
Rukwa production into focus, particularly from potential customers
in other East African states.
Against this backdrop the Company is pleased to confirm the
following:
- That it has received an order of up to a possible 3,500 tonnes
per month of washed coal, although it is expected that this will
result in an average monthly delivery of at least 2,000 tonnes per
month, with deliveries commencing at that level in September
2021.
- It has an ongoing order of 600 tonnes per month of washed coal
to one of its anchor tenants, however due to issues with the
customer's plant there will be a delay in recommencing deliveries
until later this year.
- Previously the Company announced a trial export shipment of
480 tonnes of washed coal to a customer in East Africa. The
customer is satisfied with the sample provided, but has requested
an alternative sample sizing for further testing. Subject to
satisfactory performance, and an order being placed, a total
requirement of up to 3,000 tonnes per month of washed coal has been
indicated from this customer.
- Efforts have focused on short term contract opportunities, but
with discussions with the Tanzanian Government on power station
supply options planned for September 2021.
For the next month the Company expects to sell a total of
approximately 2,000 tonnes of washed coal, with sales increasing
towards 3,000 tonnes a month over the next few months, without
including any additional orders. The Company will continue to
pursue additional supply opportunities to augment orders already
received, including supply opportunities to customers in
neighbouring East African countries.
In addition, as previously announced, the Company continues to
review additional opportunities, following its recapitalisation
earlier this year.
Further announcements will be made as appropriate.
Alistair Muir, CEO of Edenville, commented:
"it's pleasing to see this turn around in business activity and
we look forward to seeing further growth in sales over the next few
months. The recent increase in coal prices out of South Africa
would suggest there will be significant opportunities to sell our
washed coal into the East African states."
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
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END
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