TIDMEDL

RNS Number : 1152U

Edenville Energy PLC

01 December 2021

1 December 2021

Edenville Energy Plc

("Edenville" or the "Company")

Rukwa Update

Edenville Energy Plc (AIM: EDL) is pleased to provide an update regarding the Company's Rukwa Coal Project ("Rukwa" or the "Project") in southwest Tanzania for the month of November 2021, as it continues to ramp up production.

November 2021 highlights

   --    80% Increase in Run of Mine ("ROM") coal production from October 2021 level 
   --    10% Increase in washed coal production from October 2021 level 
   --    Approximately 1,000 tonnes of washed coal sales

-- Orders of 3,600 tonnes of coal for December 2021 delivery confirmed from two largest customers

In November 2021, the Company mined 4,026 tonnes of ROM coal versus 2,240 tonnes in October 2021, representing an 80% increase. Approximately 1,125 tonnes of washed coal was processed through the Company's wash plant, representing an increase of 10% from the October 2021 figure of 1,024 tonnes, which had benefited from historic stockpiles. A further 18,690 tonnes of waste was also moved, opening up greater access to the coal deposit for future mining.

November's production would have been significantly higher had it not been for extended mechanical issues with the main excavator, which was unable to be used for mining for 15 days whilst initial repairs were made and it was subsequently used for the installation of culverts, and the clearing of drainage channels, to prepare the site for the wet season. These operations have been completed and the excavator has recommenced full mining operations. Assuming the excavator is operational throughout December 2021 the Company believes it should be able to improve substantially on November's ROM coal production figures.

Approximately 1,000 tonnes of washed coal was sold during November 2021, with 200 tonnes remaining in stockpile. A combined order of 3,600 tonnes of washed coal has been reconfirmed by the Company with its two largest existing clients for December 2021, with the expectation of ongoing monthly orders of circa 3,600 tonnes per month thereafter. Discussions remain ongoing with respect to additional contracts with new potential customers. Further updates will be announced as appropriate.

Alistair Muir, CEO of Edenville, commented:

"November 2021 was both positive and frustrating. On the one hand ROM production continued to improve, but sadly operations were hampered by the excavator being offline for half of the month. The issues have been addressed and we look forward to continuing our progress on the mining front. As production becomes more stable we would expect to improve the recoveries from ROM to washed coal through the plant. Our sales book continues to improve and we are also now receiving unsolicited approaches from potential customers."

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 
 Brandon Hill Capital Ltd 
  (Broker) 
  Oliver Stansfield 
  Jonathan Evans                        +44 (0) 20 7936 5200 
 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

UPDDKKBKCBDDPDN

(END) Dow Jones Newswires

December 01, 2021 02:00 ET (07:00 GMT)

Edenville Energy (LSE:EDL)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Edenville Energy Charts.
Edenville Energy (LSE:EDL)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Edenville Energy Charts.