So the RNS9 Feb 2023 11:34
The RNS contains no output figures for December or January. Why not? Are they that bad that the BoD are embarrassed to put their names to the output figures?
There is no update on the tender process, and whilst the BoD's defence will be Edenville are benefiting from all the revenue, there doesn't appear to be a lot of revenue to benefit from!!!! So is the tender process still going on? As a lot of times Edenville have simply stop referring to things that just get lost in history.
So they have agreed to commit to 2,000 tonnes a month from June 2023. Suggesting that at the moment they can't even get 2,000 tonnes out the gate, as they state "Prior to this date contract supply volumes under this agreement are subject to variation"
"The Company has been focused on stockpiling run of mine coal to mitigate" so they are telling us in a roundabout way that focus has not been on producing saleable coal. They may have produced some, but their focus is on digging it up.
"washed coal is expected to be reduced for as long as the rains continue" Well they appear not to be able to produce 2,000 tonnes a month, and production is going to fall from where we are now as long as the rains continue.
Can only see a placing happening to fund the new wash plant, they may look at all options, but can't see people hand over cash for coal that hasn't been delivered. They are going to need to fund it, buy it ship it build it, endlessly tweak it. 6-9 months? Then produce coal, can't see new washer crusher being effectively operational in 2023.
We still haven't got out money back, so how long will the £400,000 last before they have to raise again to keep the lights on.
Overall, my opinion, we have very little revenue coming in, we are digging it up and making mounds of unprocessed coal, but we are not focused on processing it because of the rains and possibly machinery issues. We are burning through the £400,000 placing because another company is holding on to our money and whilst saying they will pay, haven't. So we are paying more solicitors in Tz to get it back eating into the £400,000. We are trying to find out about an old unused bank account for some reason. Maybe monies have been misappropriated? How likely are we to recover any monies that have vanished? How much will we pay solicitors to try to recover monies that have vanished if that is the case. We are planning on getting another washer crusher, something I told them a year if not two years ago to go do. We know the timescales and faff that went with getting the first washer crusher in situ. The only fun part was watching, what I believed to be the container ship, travel across the world an ship tracking app.
Good luck all, once my SYN shares come good, with Roland in India meeting JV partners next week, I'll be out of here and using Edenville as a tax write off. GLA!!!
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