Mike Ralston, CEO of Blencowe Resources (BRES) and Manuel Pablo Zúñiga-Pflücker, President and CEO of PetroTal (PTAL) will be presenting and taking live Q&A at focusIR's Investor Webinar on Tuesday 25th February. Please register here.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Don't want ads? Click here
Sponsored Content
Don't want ads? Click here

Pin to quick picksEDL.L Share News (EDL)

  • There is currently no data for EDL

Watchlists are a member only feature

Login to your account

Timelines are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Edenville Energy says upgrades to plant rectifying poor performance

Tue, 11th Oct 2022 11:45

(Alliance News) - Edenville Energy PLC on Tuesday said production has restarted at its Rukwa project following planned servicing and repairs on the main machinery and wash plant.

Edenville is a London-based thermal coal developer, focused on the brownfield Rukwa coalfields in western Tanzania.

Edenville shares were trading 36% higher at 15.00 pence each in London on Tuesday morning.

The company said the wash plant in particular has benefited from repairs and upgrades, after a complete overhaul was conducted in order to address historically poor performance.

Since production of coal recommenced, output from the plant has averaged 14.9 tonnes of washed coal per hour, consistent with the initially targeted cumulative monthly output of 4,000 tonnes per month.

Day-to-day operations at the wash plant are managed by Brahma Energies Ltd. Edenville said that further refinements to operations will continue over the next few weeks, as Brahma looks to optimise output and improve production rates.

With the plant now working properly, the company, in conjunction with Brahma, expects to enter supply agreements with new and existing clients.

The recommencement of production has coincided with a rise in global thermal coal prices, from USD125 per tonne a year ago to USD450 per tonne in 2022, which has positively impacted sales prices for Rukwa coal.

Edenville said it had identified a potential customer base in excess of the previously targeted 6,000 tonnes per month of washed coal, with pricing discussions now exceeding the previously outlined range of USD35 to USD50 per tonne.

The company is also conducting an inventory of spare parts amassed at the site to minimise any future downtime.

"With the company expected to be shortly turning cashflow positive on the basis of current production levels and anticipated supply agreements, I believe the outlook for Edenville and Rukwa is now more promising than ever before," said Chief Executive Noel Lyons.

By Holly Beveridge; hollybeveridge@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

More News
10 Nov 2022 15:52

TRADING UPDATES: Vertu Motors sizes up acquisition; Ondo's Hiscox deal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

Read more
11 Oct 2022 12:21

LONDON MARKET MIDDAY: Recession fear, wild bond market spook investors

(Alliance News) - Stock prices in were firmly in the red on Tuesday afternoon, with UK government bond market volatility among an ever-growing list of worries for investors.

Read more
29 Sep 2022 14:52

EARNINGS UPDATES: Volvere says interim performance below expectations

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

Read more
16 Aug 2022 15:26

Edenville signs deal with mine operator Brahma

(Sharecast News) - Edenville has signed an agreement with Brahma Energies, it announced on Tuesday, to secure production and sales of at least 4,000 tonnes of washed coal per month at its Rukwa Coal Project in Tanzania, potentially rising to at least 6,000 tonnes after two months.

Read more
16 Aug 2022 11:53

Edenville unveils new Rukwa coal mining agreement, shares fall

(Alliance News) - Edenville Energy PLC on Tuesday announced a new coal mining agreement in Tanzania which will yield a "low" sales price for Rukwa coal versus international prices.

Read more
3 Aug 2022 15:57

TRADING UPDATES: Ensilica expects annual profit ahead of expectations

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

Read more
27 Jul 2022 16:11

UK shareholder meetings calendar - next 7 days

Read more
5 Jul 2022 10:23

IN BRIEF: Edenville hires Noel Lyons as new chief executive officer

Edenville Energy PLC - London-based developer of Tanzania's Brownfield Rukwa coalfields - Appoints Noel Lyons as new chief executive officer, as Alistair Muir has stepped down with immediate effect. Lyons says: "Given my ongoing operational experience in Africa I believe we are well positioned to optimise the proposed expansion of Rukwa, both in terms of production rates and sales. I look forward to providing shareholders with a more comprehensive update on this in the near future."

Read more
30 Jun 2022 13:59

EARNINGS UPDATES: UK Oil & Gas and 7digital post widened losses

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

Read more
31 May 2022 14:20

IN BRIEF: Edenville cancels coal project contract with Nextgen

Edenville Energy PLC - London-based developer of Tanzania's Brownfield Rukwa coalfields - Resumes full control of Rukwa coal project in Tanzania, terminating its contract with Nextgen Coalmine Ltd. "All mining equipment has been brought back into service by the company, whilst an additional pre-strip excavator has been added to the fleet," firm explains. Edenville is sourcing three additional trucks to scale production. Targets monthly sales of 5,000 tonnes of washed coal from the end of the third quarter of 2022. As comparison, Edenville sold 610 tonnes of washed coal over the three months between February 1 and April 30. Aims to maximise cash returns, reiterating "the attractive pricing forecast over the coming years".

Read more
31 May 2022 12:29

Edenville terminates mining deal with Nextgen at Rukwa

(Sharecast News) - Edenville Energy updated the market on the operation of its Rukwa coal project in Tanzania on Tuesday, announcing the termination of its coal mining agreement with Nextgen.

Read more
18 May 2022 17:49

Edenville in talks with NextGen to vary Tanzanian mining contract

(Alliance News) - Edenville Energy PLC on Wednesday said it is in talks with NextGen Coalmine Ltd to vary the existing mining contract the companies have.

Read more
4 May 2022 20:54

TRADING UPDATES: Residential Secure Income acquires 39 new homes

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

Read more
3 Feb 2022 22:31

TRADING UPDATES: Alliance Pharma to appeal; Braemar sales to rise

TRADING UPDATES: Alliance Pharma to appeal; Braemar sales to rise

Read more

Make Better Investment Decisions

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.