RE: Next update or RNS17 Feb 2020 16:47
23rd January 2019 RNS
CEO, Alistair Muir, commented:
"Firstly, I would like to thank all our existing shareholders for their patience and support. Whilst I have only been involved with the Company for a comparatively short space of time, I am encouraged by what I have seen at site and during the various discussions with potential customers. There is a clear demand for Rukwa coal and my energies are focused on translating this interest into sales and cashflow for Edenville.
"Following the work undertaken at site last year, the coal seams have been opened up in the Northern Area and the wash plant has been upgraded to improve efficiencies. Now that the working capital issues have been addressed, I believe Edenville is well placed to be cash flow positive this year, as we start to deliver on our contracted orders. To ensure this happens I will be spending much of the next few months in Tanzania to both monitor the ramp up of the Project, whilst overseeing the proposed consolidation and expansion of our customer base.
"Moreover, we are also looking at development scenarios that will enable us to further increase production beyond the current capacity of the wash plant, which we estimate is in the order of 12,500 tonnes per month (assuming a plant availability of 66%), in the event some of the targeted additional contracts come to fruition."