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Edenville Energy Plc

Edenville Energy plc Substantial progress in 2018

Edenville Energy plc (AIM: EDL), the company developing a coal project in southwest Tanzania, has today announced its audited results for the year ended 31 December 2018.

2018 Highlights

  • Commercial mining and wash plant operation commenced full production phase with a variety of sized coal products being produced; 
  • Significant plant upgrades undertaken during the year; 
  • In 2018 approximately 75,000 tonnes of Run of Mine (ROM) coal, 15,000 tonnes of washed coal and 32,000 tonnes of fine coal produced; and
  • Revenue recognised for the first time.

Post Period Highlights

  • Funding secured to advance coal production; 
  • Coal wash plant upgraded and further optimised, including the installation of a pre-screen to remove hard to process material such as fine coal; and
  • Completion of road access to the new Northern Mining Area, which has the potential to deliver greater yields than previously mined areas.

Annual Report and Notice of AGM

The Company’s Annual Report for the year ended 31 December 2018 and Notice of Annual General Meeting will be posted to shareholders on Monday 24 June 2019 and will be available on the Company’s website at: https://edenville-energy.com/annual-reports/ on 24 June 2019..

The Company’s Annual General Meeting will be held at the offices of Womble Bond Dickinson (UK) LLP, 4 More London Riverside, London, SE1 2AU at 11.00 a.m. on Tuesday 23 July 2019.

Commenting, Jeffrey Malaihollo, Chairman of Edenville, said: “2018 was a significant, but very challenging year for the Company. We made substantial progress, becoming a revenue producing commercial coal producer for the first time, although it has taken longer than we had hoped to overcome the challenges we faced and reach the positive position we are now in.

“Having gone through the operational and financial challenges in 2018 and early 2019, I believe the Company is now in the best position it’s been for many years. It is now a coal producing company, with a wide range of customers and monthly income.  With the expected start of mining of the Northern Area in the coming weeks we remain on track to become cashflow positive within the next 10 months, targeting an initial 6,000 tonnes per month of washed coal production, which we consider to be a breakeven level, increasing to 10,000+ tonnes per month thereafter.”

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.