(Alliance News) - Edenville Energy PLC on Friday said it has delayed handing over operations at its Rukwa thermal coal project in southwest Tanzania to its partner Infrastructure & Logistics Tanzania Ltd due to issues caused by Covid-19.
Edenville had expected the transition to take place prior to the end of November, but has experienced administrative issues with work permits from the Tanzanian government as a result of a backlog due to Covid-19. The two companies had previously delayed the transition in October for the same reason.
Edenville also provided an update on its outstanding funding agreement with Lind Partners LLC, first announced in November 2018. Lind requested that Edenville repay the outstanding balance of the funding agreement, which is USD580,000, by November 30.
The two companies have since entered into discussions about the repayment terms of the agreement, but Edenville said "there are no assurances that these discussions will result in a favourable outcome."
The Rukwa mine continues to fulfil its pre-purchase orders.
Shares in Edenville were down 11% at 0.029 pence in London on Friday.
By Zoe Wickens; zoewickens@alliancenews.com
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