Still no explaination!!!30 Apr 2018 12:56
31st January
The Company's wash plant and associated equipment is currently running at a throughput of 30 to 40 tonnes per hour, operating six days a week for 8 to 10 hours a day. Edenville is therefore in a position to process 8,000 to 10,000 tonnes of mined material per month.
To help fulfil the demand for coal we are experiencing and to potentially increase the amount of unprocessed coal the Company can sell, the Company has taken the decision to also start mining the Namwele deposit. Namwele, which sits to the south of the Mkomolo deposit, will be mined by our Tanzanian partner, Upendo Group Ltd ("Upendo"). Upendo has already started clearing the overburden and we expect the first Namwele coal to be mined before the end of Q1 2018.
27th April
The Company will apply the net proceeds of the Placing to advance its current mining operations. The majority of the funds raised will be deployed on expenditure, primarily capital expenditure, in connection with the expansion and enhancement of Edenville's current mining activities. The Company is currently operating at up to 4,000 tonnes of coal per month and will used these funds to increase production rates in order to fulfil current and potential orders.
So two coal fields being mined and only UP TO 4,000 tonnes a month???? WTF???
Placing at 0.35p shocking
No shareholder value added for years.