Re the H1 break-even statement29 Oct 2019 15:43
The first statement in the 27/9 RNS re break-even was made by Jeff Malaihollo the Chairman of Edenville before the CEO report. So the onus for the break-even statement sits firmly with the Chairman imo, and not with the former CEO Rufus Short as some have been suggesting.
"Jeff Malaihollo, Chairman of Edenville, commented: "During 2019 the Company has achieved encouraging operational progress at the Rukwa coal project. The completion of the various upgrades to the wash plant are already providing greater recoveries, a reduction in consumables and should also enable greater throughput as mining operations continue to expand. The opening up of the Northern Mining Area has yielded materially positive results, with thicker seams and higher quality coal than previously experienced at Rukwa. As a consequence the Board believes both the economics and the profitability of operations should improve further as we continue to increase coal sales to new and historic customers.
"From a corporate perspective, the Company has recapitalised itself and formed a solid foundation from which to further build and achieve our primary short term objective, to become cash flow positive from operations during H1 2020.
"Whilst additional work naturally remains to be done, we are confident of reaching those value-enhancing milestones for shareholders in the timeframes previously outlined. We would like to thank all of our shareholders for their continuing support and we look forward to the remainder of 2019 with confidence."
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