https://www.miningweekly.com

Edenville to identify near-term revenue opportunities to underpin Rukwa strategy

1st December 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – African coal explorer Edenville Energy is seeking to identify near-term revenue opportunities to reduce its reliance on external financing, as well as to fulfill its longer-term objective of supporting a power solution in western Tanzania.

“The company is in the early stages of identifying near-term revenue opportunities and will provide further updates as appropriate,” it said.

As part of its strategy to focus on core assets, and following an ongoing review of its portfolio of licence interests, Edenville had decided to relinquish its noncore PL5420 uranium licence. This would enable it to focus its financial resources on the areas most likely to add value in the near term.

Edenville said that relinquishment of this licence was expected to reduce the company’s work commitments over the next 12 months by about $180 000.

“This decision will allow Edenville to continue its cash management programme and direct capital to the Rukwa coal project, which the board believes represents the best value for shareholders,” Edenville said.

Meanwhile, the company noted that the milestones achieved since the release of its November 2013 strategy had increased the company’s understanding of the project and its potential contribution to Tanzania’s power reform strategy.

“As confidence in the project has increased, additional work has been commissioned which will be completed in early 2015.

“Amid challenging conditions for early-stage mining companies, the directors believe the company has made tangible progress, interfacing with macro level developments in Tanzania and, as such, further commitment and investment to progress the Rukwa coal project is warranted,” Edenville said.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 
SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 12 April 2024
Magazine round up | 12 April 2024
12th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.119 0.151s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: