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Maiden annual revenues as Edenville Energy gets coal project off the ground

By BFN News | 09:29 AM | Friday 21 June, 2019


Edenville Energy has reported its first annual revenues as its coal project in Tanzania began production. The AIM-listed company chalked-up £0.38m of income in the year to 31 December 2018 as commercial mining and wash plant operations got off the ground late last year. The hopes that it has the infrastructure in place to support output of up to 10,000 tonnes of washed coal. But making the revenue breakthrough came at a cost, with pre-tax losses soaring from £1.19m to £1.79m. Edenville, which has had to tap investors for fresh funding several times, produced approximately 75,000 tonnes of Run of Mine (ROM) coal, 15,000 tonnes of washed coal and 32,000 tonnes of fine coal during 2018. 'Our short-term goal is to open the Northern Mining Area, increase our production to reach break-even point in Q3 2019 and be cash flow positive within the next 10 months', said chairman Dr Jeffrey Malaihollo. At 9:29am: (LON:EDL) Edenville Energy PLC share price was -0.01p at 0.05p Story provided by StockMarketWire.com

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