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Edenville Energy provides corporate update

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World Coal,

Following a period of previously disappointing performance at Rukwa Coal Project, Edenville has announced that a new experienced on-site management team has been mobilised to run its mine at Rukwa in Western Tanzania, with the local team expected to be in place 3 August 2022. This follows a visit to the site by CEO, Noel Lyons, and Paul Ryan, the company’s recently appointed executive Board members.

The company has also had offtake requests for an aggregate 5000 t of washed coal in August 2022, comprising a 4000 t international export order to a new customer in Mombasa, Kenya, and 1000 t to a longstanding Tanzanian customer. Furthermore, the new customer has indicated a potential requirement of up to 12 000 tpm which the company will endeavour to fulfil over the coming months, although this will require a significant ramping up of production at Rukwa under the supervision of the new on-site management team and a formal offtake agreement has yet to be signed with this customer. All of the production targets above far exceed previous and recent production levels at the mine and as a result there may be challenges initially getting production up to these levels but the new on-site management will endeavour to achieve the above target.

In addition, the company continues to make progress on the reversal of the transfer of Upendo Group Ltd’s 10% economic interest in the joint venture, which holds the licences governing the Rukwa project, to a 10% direct holding on the principal production licence. A further update will be provided in due course.

Lyons commented: “Following a period of poor production and lack of progress at Rukwa, the company regained operational control at Rukwa. We are now putting in place a strategy to expand operations at Rukwa to deliver on both growth and shareholder value.”

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