Less Ads, More Data, More Tools Register for FREE

Pin to quick picksEDL.L Regulatory News (EDL)

  • There is currently no data for EDL

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Termination of Coal Mining Agreement

31 May 2022 07:00

RNS Number : 3143N
Edenville Energy PLC
31 May 2022
 

31 May 2022

Edenville Energy Plc

("Edenville" or the "Company")

Termination of Coal Mining Agreement

Edenville Energy Plc (AIM: EDL) announces an update with respect to the operation of the Company's Rukwa Coal Project in Tanzania.

As announced on 18 May 2022 the Company was in discussions with Nextgen Coalmine Limited ("Nextgen") to vary the contract for the operation of the Company's Rukwa Coal Project, entered into on 3 February 2022 (the "Contract"). The Company is pleased to confirm it has reached an agreement with NextGen to terminate the Contract and has subsequently resumed full control of the site and mining operations. 

Following the termination of the Contract all mining equipment has been brought back into service by the Company, whilst an additional pre-strip excavator has been added to the fleet. Up to three additional trucks are also being sourced to rapidly scale production. The Company's initial goal is to satisfy existing demand from local customers of 1,500 tonnes of washed lump coal product and 500 tonnes of coal fines in the immediate future, targeting sales of 5,000 tonnes per month of washed coal late in Q3 2022, with coal fines sales also expected to continue and possibly expand. The Company believes there is sufficient demand based on its existing order book and recent discussions with potential customers to sell any coal that is produced at Rukwa.

Additionally, further to the announcement on 18 May 2022 that Upendo Group Ltd.'s current 10% economic interest in the joint venture, which holds the licences governing the Rukwa Project, had been transferred to a 10% direct holding on the principal production licence, the Company remains in discussions with its legal advisers regarding the validity of the transfer and consequences thereof.

Alistair Muir, CEO of Edenville, commented: "The agreed termination of the agreement with Nextgen will enable the Company to take advantage of the recent macro changes that have made the economics of our Rukwa project considerably more attractive. The Company is determined to maximise cash returns in the current global coal environment, especially given the attractive pricing forecast over the coming years. To this end Edenville has already started applying a modest proportion of its existing cash resources towards expanding the Rukwa operations to meet this heightened demand. I look forward to making further announcements in due course."

For further information please contact:

Edenville Energy Plc

Jeff Malaihollo - Chairman

Alistair Muir - CEO

+44 (0) 20 3934 6630

 

Strand Hanson Limited

(Financial and Nominated Adviser)

James Harris

Rory Murphy

 

 

+44 (0) 02 7409 3494

 

Tavira Securities Limited

(Broker)

+44 (0) 20 7100 5100

 

 

Oliver Stansfield

Jonathan Evans

 

 

IFC Advisory Limited 

(Financial PR and IR) 

Tim Metcalfe

Florence Chandler

+44 (0) 20 3934 6630

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCDBGDUXGXDGDG
Date   Source Headline
16th Aug 20237:00 amRNSAppointment of Joint Corporate Broker
15th Aug 20237:00 amRNSChange of Admission Date
3rd Aug 20235:40 pmRNSResult of AGM,Directorate Change,Director Dealings
10th Jul 20237:00 amRNSNotice of AGM
4th Jul 202311:14 amRNSHolding(s) in Company
30th Jun 20237:00 amRNSAnnual Results for the year ended 31 December 2022
22nd Jun 20232:51 pmRNSHolding(s) in Company
21st Jun 20235:43 pmRNSHolding(s) in Company
19th Jun 20235:28 pmRNSHolding(s) in Company
5th Jun 20239:30 amRNSHolding(s) in Company
2nd Jun 202311:25 amRNSHolding(s) in Company
2nd Jun 20237:00 amRNSProposed Change of Name
1st Jun 20239:05 amRNSStrategic Investment and Board Changes
24th May 202312:33 pmRNSHolding(s) in Company
23rd May 20234:01 pmRNSHolding(s) in Company
11th Apr 20237:00 amRNSRukwa Production Update
28th Mar 20239:16 amRNSRukwa Operational Update
24th Mar 20234:54 pmRNSHolding(s) in Company
9th Feb 20237:00 amRNSRukwa Operational Update
16th Dec 20229:07 amRNSHolding(s) in Company
14th Dec 20229:26 amRNSHolding(s) in Company
13th Dec 202211:38 amRNSHolding(s) in Company
13th Dec 202210:21 amRNSRejection of Unfair Dismissal Claim
7th Dec 20229:39 amRNSHolding(s) in Company
6th Dec 20227:00 amRNSPlacing to raise £0.4 million & Operational Update
9th Nov 20227:00 amRNSRukwa Operational Update & Corporate Update
13th Oct 20227:00 amRNSDirectors’ Dealings
11th Oct 20227:00 amRNSRukwa Coal Project Operational Update
29th Sep 20229:48 amRNSInterim Results
18th Aug 20225:20 pmRNSDirectors’ Dealings
16th Aug 20227:00 amRNSNew Coal Mining Agreement
4th Aug 20227:00 amRNSDirectorate Change
3rd Aug 20222:05 pmRNSSecond Price Monitoring Extn
3rd Aug 20222:00 pmRNSPrice Monitoring Extension
3rd Aug 202212:00 pmRNSCorporate Update
3rd Aug 202211:27 amRNSResult of AGM
8th Jul 20224:30 pmRNSNotice of AGM
5th Jul 20227:00 amRNSBoard Changes
30th Jun 20227:00 amRNSResults for the year ended 31 December 2021
31st May 20227:00 amRNSTermination of Coal Mining Agreement
26th May 20223:46 pmRNSHolding(s) in Company
18th May 20221:15 pmRNSOperational Update Rukwa Coal Project
4th May 20223:52 pmRNSOperational Update Rukwa Coal Project
3rd Feb 20221:20 pmRNSNew Coal Mining Agreement Signed
12th Jan 20227:00 amRNSAppointment of Broker
4th Jan 20227:00 amRNSAppointment of Interim Broker
7th Dec 20212:06 pmRNSSecond Price Monitoring Extn
7th Dec 20212:01 pmRNSPrice Monitoring Extension
7th Dec 202111:06 amRNSSecond Price Monitoring Extn
7th Dec 202111:00 amRNSPrice Monitoring Extension

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.