14 Jan 2019 07:00
14 January 2019
EDENVILLE ENERGY PLC
("Edenville" or the "Company")
Project Update
Edenville Energy plc (AIM: EDL), the company developing a coal project in southwest Tanzania, is pleased to provide its latest update on developments at the Company's Rukwa Coal Project (the "Project").
As stated in the announcements made on 6 November 2018, 17 December 2018 and 20 December 2018 the net proceeds of the US$750,000 Initial Loan from Lind are being used by the Company for a number of purposes. This includes the purchase of a second excavator to open up the new mining area to the north of the current excavations. The Company is pleased to confirm that this second excavator has now been acquired and together with the existing excavator and four additional hired haul trucks, is in operation at the Company's Project site.
These vehicles are currently all being employed to increase the amount of material being mined from the existing pit, but the newly acquired second excavator and associated haul trucks will shortly move to the new northern mining area to begin opening this up. The mobile in-pit lighting to allow 24 hour per day operation in the existing pit has been installed, further increasing the Company's mining capacity.
As stated on 17 December 2018 the land compensation process and required regulatory documents for the northern mining area were completed and submitted by the Company to the relevant Tanzanian Government authorities. The Company is pleased to confirm that the relevant government authorities have now provided their approval and land compensation payments are being made, together with detailed delineation of the northern mining area being undertaken. The Company anticipates that mining of the new northern area will commence shortly and will provide further updates regarding progress as soon as practicable.
As announced on 20 December 2018, the Lamella clarifier water treatment plant is now fully operational and has been delivering the anticipated improvements to both water qualities in the plant process and in the return ponds, leading to increased coal processing plant productivity.
Construction of the pre-screening plant and conveyors, designed to remove the majority of coal fines before they reach the washing circuit, is now complete and the plant is now undergoing testing. Alongside this testing, further refinements are being made to the feed hopper. It is expected that the pre-screen plant will be fully integrated into the Company's washed coal production process by the end of January 2019.
Management believe that these developments, when complete, will increase that amount of washed can that can be produced from the Project and the Company looks forward to providing further updates as matters progress.
As announced on 11 December 2018, the Company intends to transition its Nominated Adviser role from Northland Capital Partners Limited to SP Angel Corporate Finance LLP. This process is progressing and a further announcement will be made as appropriate.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Edenville Energy Plc Jeff Malaihollo - Chairman Rufus Short - CEO | +44 (0) 20 3934 6630 |
Northland Capital Partners Limited (Nominated Adviser and Broker) David Hignell Gerry Beaney Jamie Spotswood
|
+44 (0) 20 3861 6625 |
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Heather Armstrong | +44 (0) 20 3934 6630 |