Rufus Short, Edenville Energy plc LON:EDL CEO commented: “The first half of 2016 further built the foundations for the future development of the Company’s Rukwa coal to power project. Significantly, in March 2016 the award of the mining licence over the Mkomolo deposit provided the cornerstone to move forward and crucially demonstrated the Tanzanian government’s commitment to development of the coal industry in Tanzania.
“Since the national elections of October 2015 the government has been working to develop its policy and approach to coal and energy in the country. Recently this has significantly moved forward with the government’s directive to ban coal imports from the end of August 2016. Additionally, the newly formed board of Tanesco has been working to define and implement an updated energy development policy. With the above in mind, Edenville is continuing to complete the technical and environmental requirements for the development of its coal to power project. The Company is awaiting the roll out of further policy initiatives by the government and Tanesco which will lead to completion of agreements and development timeframes. Importantly we are also actively evaluating all opportunities that are arising due to the recent coal ban by the government.”
Edenville Energy plc (AIM:EDL), the company developing a coal to power project in south western Tanzania, announces its unaudited interim results for the six months ended 30 June 2016.
Period Highlights
· Grant of the mining licence over the Company’s Mkomolo deposit on 2 March 2016
· Mkomolo site upgrade and development work initiated in May 2016
· Rukwa Coal to Power Project Concept documents reviewed by Tanzania Electric Supply Company Ltd (“Tanesco”) and approved in May 2016
· Progression of Environmental and Social Impact Assessment (“ESIA”) for Power Plant
· Opening up of bulk sample locations in Mkomolo
· Site visits by interested EPC groups and equipment suppliers
· Continued focus on cost management with the relinquishment of three non-core prospecting licenses in April 2016, as provided for and disclosed in the December 2015 annual accounts.
Post period Highlights
· Ministry for Energy and Minerals (“MEM”) Deputy Minister and Tanesco officials visit site to discuss next steps towards development in July 2016
· Government of Tanzania issues directive to ban coal imports into Tanzania in August 2016
· Second stage of ESIA completed and report submitted to the National Environment Management Council (“NEMC”)
· Bulk sampling programme expanded in August 2016 in response to coal import ban
· Appointment of Jeff Malaihollo as Non-Executive Chairman from 1 September 2016
· Initiated Mineable Resource Technical and Economic Assessment in September 2016
