LONDON (Alliance News) - Edenville Energy PLC Friday appointed a new chief executive as it reported a profit for the period and said it is well funded for its immediate needs but will continue to closely manage operating costs.
The African coal exploration and development company said it had appointed Rufus Short as its new CEO, replacing Mark Pryor who will stay with the company as non-executive technical director. Short was already a non-executive director of the company.
The switch will mean the company is better placed to progress its growth strategy, Edenville said in a statement.
The company, which refinanced earlier in the year, reported a net profit of GBP282,998 for the six months to June 30, but that was all down to the translation of its Tanzanian subsidiary's accounts to sterling from dollars. It made an operational loss of GBP300,560, compared with GBP319,123 last year, although that is expected as it isn't earning any revenues yet.
"Following the results of the recent scoping study and our recent partnership with RAFCO, the company is well placed to deliver on its more focused strategy of becoming a power producer, utilising a small scale, coal-to-power business scenario," it said in its earnings statement.
The conclusions of the scoping study were published earlier in September and showed that there is a commercial opportunity for Edenville to become a power producer through a small scale, coal-to-power business.
It hired RAFCO Group, an East African mining and energy specialist, to help progress its Rukwa Coalfields towards a development decision and identify co-investors and partners to participate in the next phase of the project's development.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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