RE: BoD10 Mar 2021 10:42
The only thing not reported to the best of my knowledge is the reason for the delay in the proposed handover to the new contractor. There is an abundance of information not being discussed e.g.
“The Company continues to work with its strategic partner Infrastructure and Logistics Tanzania Ltd ("ILTL") regarding the proposed handover of operations at Rukwa and will provide shareholders with a further update as soon as a formal handover date has been agreed. In the interim period, the Company continues to satisfy existing contracts and is pursuing additional contracts with both existing and potential customers. In addition, the Company has received new East African enquiries regarding power generation capacity and is continuing discussions with the Tanzanian Government regarding a future power plant development at Rukwa”
“Following settlement of the Placing (outlined below) the Company will have sufficient capital to meet its outstanding obligations to Lind. The Company's cash position is expected to be further strengthened by increased production and sales of washed coal from its flagship Rukwa mine in Tanzania during the course of 2021”
“Oversubscribed £900,000 Placing”
“Whilst 2020 was a challenging year for Edenville as a result of the COVID-19 pandemic, we can now look forward to 2021 with renewed optimism. Rukwa is a producing mine with a sizeable JORC compliant resource of 143Mt and recent upgrades to the processing plant have now boosted capacity to 12,500t per month of washed coal”
“The three agreements (Coal Mining Agreement, Loan Agreement and Sales & Marketing Agreement) signed with our strategic partner during the course of 2020 remain in place and we expect to finally see the benefits of their implementation this year, starting with the handover of Rukwa under the Coal Mining Agreement next month."
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