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Edenville update on power plant project

By BFN News | 08:53 AM | Wednesday 15 April, 2015


Edenville Energy, the African coal development company, has issued an update on recent progress and developments, following the release on 2 March of the positive results of the power plant feasibility study. The company says: "The granting of a mining licence from the Tanzanian authorities is a critical requirement for the development of the project; whether this be for an integrated power plant development or an operation that mines coal for local and regional sales. Subsequent to the release of the power plant feasibility study in March, one of the areas the board has focused on is developing and refining the mining licence application package. "The environmental impact assessment, provided in June 2014, is a key component of the mining licence application and this compliments the mining licence submission documents currently being completed. The company is currently finalising the compilation of necessary documents and data for a mining licence application, planned to be made in Q2 2015. "The application is being managed in conjunction with our in-country advisers, Tansheq, a specialist consultancy group who worked with Edenville through the entire environmental impact assessment process. Sound Mining Systems (SMS) of South Africa, who completed the 2013 Resource Report, are also working on technical aspects of the mine plan in order to complete the submission documents. Grant of a mining licence is an iterative process but we have been advised by Tansheq, that the timeline for approval is approximately 3-4 months. "Once the mining licence has been granted, it will give the Company the right to commercially mine coal from the licence area. The Project would be one of only three in Tanzania with this type of mining licence to extract coal. The company's base case remains the development of the mine and power plant to operate as an integrated commercial entity as substantiated by the power plant feasibility study. There will also be the opportunity to sell coal to local and regional customers who may be interested. "In addition to work on the mining licence we continue to take part in necessary discussions and the supply of requested data to the relevant Tanzanian Government departments in order to move the process forward in connection with the power plant development." Chief executive Rufus Short commented: "I am very pleased with our progress since the release of the power plant feasibility study, 6 weeks ago. Moving to the mining licence stage will enable the project to be production ready to take advantage of opportunities in this rapidly growing part of Africa. Our progress through the Tanzanian regulatory system continues to move forward and we appreciate the solid support received from the Tanzanian Government for our power plant project." At 8:53am: (LON:EDL) Edenville Energy PLC share price was +0.01p at 0.05p Story provided by StockMarketWire.com

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