RE: Coal prices and US$1m loan agreement20 Aug 2020 21:06
Under the terms of the Agreement ILTL are expected to also become a customer of Edenville prior to the recommencement of mining operations in Tanzania, which are currently suspended as a result of the COVID-19 pandemic (the "Pandemic"). It is envisaged under the Agreement that ILTL will enter into a long-term Coal Supply Agreement, which would see ILTL provide an anchor tenancy at the Company's Rukwa coal project ("Rukwa" or the "Project') by initially purchasing 3,000 tonnes of washed coal per month at standard market rates, before increasing this to 5,000 tonnes a month over a 12 month period.