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Edenville Energy announces 1Q17 results

Published by , Editorial Assistant
World Coal,

Edenville Energy plc (AIM:EDL), the company developing a coal project in south west Tanzania, has announced its audited results for the year ended 31 December 2016.

Highlights for the period

  • Granting of Mining Licence over the Mkomolo area in February 2016;
  • Government of Tanzania announced a ban on imported coal into Tanzania providing the company with additional sales opportunities;
  • Positive results from bulk sampling programme;
  • Advanced preparations for starting coal production;
  • Power Project economic model produced;
  • Environmental and Social Impact Assessment work undertaken; and ? Appointment of Dr. Jeff Malaihollo as Non-Executive Chairman.

Post Period Highlights

  • Secured Memorandum of Understanding with Sinohydro Corporation of China;
  • Raised £2m in March 2017 to start mining operations at Rukwa;
  • Started mining operations and in the process of establishing a coal wash plant at site; ? Employed two engineering professionals to provide technical input and to oversee the development of the project; and
  • Advances being made with the Power Project alongside Sinohydro.

Rufus Short, CEO of Edenville, commented:

"2016 was a year of significant advancement for Edenville as we progress both our coal to power project and the shorter term coal sales opportunities. 2017 has started well and we look forward to having an operating wash plant and mining production to feed this in the coming months, built with no debt and opening up an exciting future ahead to build the business into a regional supplier of coal products. I am again very grateful for the support of our shareholders and partners throughout the year."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

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