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Don't have an account? Click here to register.Edenville loss widens after challenging year
Fri, 21st Jun 2019 09:15
(Sharecast News) - Edenville Energy's annual loss widened as costs vastly outstripped revenue in what the mining company described as a challenging year.The AIM-traded company's pre-tax loss for the year to the end of December was £1.79m compared with £1.19m a year earlier. Revenue at £337,125 was less than a third of Edenville's £1.19m cost of sales.There were no year-earlier figures for these items. Edenville shares fell 25% to 0.047p at 09:38 BST.The developer of Tanzania's brownfield Rukwa coalfields said it was hit by heavy rain, lack of transport and a high percentage of fine coal from its production. It also had to make changes to increase capacity and buy extra mining equipment and had to take over construction of a plant because the contractor's work was not good enough.Edenville said operations got off to a good start in 2019 but a share offer that closed in February was poorly subscribed, leaving it short of funds to fulfil order and expand its operation. In April it succeeded in raising £510,000.Jeffrey Malaihollo, Edenville's chairman, 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."Malaihollo said the company was now generating revenue and had a wide range of customers and enough equipment to develop its current plant.
More News
1 Dec 2014 12:20
Edenville Energy plunges after ceding licence in Tanzania
Edenville Energy announced it will give up a non-core uranium licence in Tanzania, choosing instead to focus on the country's Rukwa coal project. The firm said it will take an impairment charge of £1.2m upon relinquishing the licence, which was acquired in 2010 as part of the company's acquisition o
Read more19 Jun 2014 08:24
Edenville Energy Raises GBP0.25 Million In "Demand-Led" Share Placing
LONDON (Alliance News) - Edenville Energy PLC Thursday it successfully raised gross proceeds of GBP0.25 million in a share placing, which it said will use to support the company's projects. The African coal exploration and development company placed a total of 416.7 million new shares at a
Read more11 Jun 2014 10:26
Edenville Eyes Possible Rukwa Power Station Development Partnership
LONDON (Alliance News) - Edenville Energy PLC Wednesday said it has received an expression of interest from the engineering, procurement and construction division of a multi-national conglomerate to partner with Edenville in the development of an integrated mining and clean-coal power station at
Read more3 Jun 2014 16:57
Edenville Energy pledges to review Tanzania mine if talks fail
Edenville Energy warned that it may have to review its plans to revive coalfields in Tanzania if it fails to do a deal with potential partners, hitting its shares. Edenville said negotiations with possible partners in its Rukwa coal project had moved forward and were continuing to make good progres
Read more3 Jun 2014 11:41
UK MIDDAY BRIEFING: Wolseley's US Growth Offsets Currency Hit
LONDON (Alliance News) - Wolseley is the biggest gainer on the FTSE 100 Tuesday after the plumbing and heating products distributor reported higher trading profit for its fiscal third quarter, driven by strong growth in the US and Nordic countries.
However, adverse
3 Jun 2014 10:30
UK WINNERS & LOSERS: Wolseley Stands Out From Negative FTSE 100
LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Tuesday.
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FTSE 100 - WINNERS
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Wolseley, up 2.7%. The plumbing and heating products distributor is one of ju
3 Jun 2014 08:43
Edenville Energy Pretax Loss Widens On Impairment Charge
LONDON (Alliance News) - Edenville Energy PLC Tuesday said its pretax loss widened significantly in 2013 as the company was hit by a GBP1.7 million impairment charge on the write-off of exploration expenditure. The African coal exploration and development company, which is yet to produce an
Read more26 Mar 2014 11:01
Edenville Sees New Tanzania Power Line As Opportunity For Its Coal
LONDON (Alliance News) - Edenville Energy PLC Wednesday said that a new power line through Tanzania will pass close to Edenville's Rukwa Coal Deposit. The coal exploration and development company said that the new line was announced by the government of Tanzania as part of its construction
Read more