From memory, as I have got time this morning to check the exact details12 Dec 2020 09:54
Edenville were forced into a corner when they were voted down by their shareholders leaving them few financial options other than to take what was on the table at that time, the Lind loan. Now they have again been forced back to the shareholders to try to get out of the Lind loan.
The company have achieved a very great deal as if you ever listened to the naysayers they said the company would never find coal, and when they found coal they said they would never get a licence. When they got a full mining licence awarded live on National tv the naysayers said “Oh it’s only for 11 years”... They said they would never get contracts, never be able to sell their coal....
After the nullification of all Tanzanian Mining Tenders the doom mongers continued to spread their love by saying things like imminent closure, suspension looming, etc etc.. They said the company would never get the coal mine off the ground, never get the plant to Tanzania, never mine a single piece of coal. In fact everything they said was wrong.
We know that being a foreign company working in a hostile third world environment has been extremely challenging, possibly some of the time trying to manage the Mine from the UK!?... They have clearly made errors along the way as they fought adversity, but have pressed on and have signed National and International contracts, and now have negotiated the new contractor and with Lind sorted they will undoubtedly continue to move forward.
We should never forget that Edenville never intended to become a Coal Miner. They became one after the goalposts were moved. Edenville are still a Company operating the Rukwa Coal Project in southwest Tanzania. They should have at this point been years into the RCPP, but that’s Africa!
In my opinion with Lind resolved the company are in a better place than they have been since the day they were formed, and when they get over this hurdle they appear to be very well placed for the future.
It’s been said many times before, “we are where we are”. Let’s see what the market makes of it all on Monday morning.
p.s
All Tanzanians mining licences are renewable/extendable. ...
Sign In
Follow the stocks
