LONDON (Alliance News) - Edenville Energy PLC on Monday said its loss narrowed in the first half of 2018 as it delivered revenue for the first time.
The stock was trading 14% higher on Monday at 0.33 pence per share.
The company, which is developing a coal project in southwest Tanzania, said its pretax loss narrowed slightly to GBP544,959 in the first six months of 2018, as it generated its maiden revenue of GBP59,310.
Edenville's Rukwa coal project entered its commercial production phase in mid-April. This phase started with the completion of overburden stripping and trial runs of the wash plant and is now at the stage where commercial coal sales are being made and production rates increasing.
During the period, the company said it processed 31,169 tonnes of run-of-mine coal, producing 8,808 tonnes of washed coal and 13,775 tonnes of fine coal, with shipments of 4,221 tonnes of washed coal.
The company also highlighted that it secured a two-year contract for coal supply of 4,000 tonnes per month.
"Edenville continued to make significant progress in the first half of 2018, with commercial coal production starting in earnest," said Chairman Jeff Malaihollo.
"Throughout the period and more recently we have continued to refine the coal production process and install additional equipment, allowing increased production to satisfy the demand we are seeing," added Malaihollo.
