Business
Rukwa Coal Project - Update
Rukwa Coal Project - Update.
About this update from Shuka Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 8910Y Edenville Energy PLC 14 May 2019 \n\n14 May 2019\n \nEDENVILLE ENERGY PLC\n \n(\"Edenville\" or the \"Company\")\n \nRukwa Coal Project - Update\n \n \nEdenville Energy Plc (AIM: EDL), the AIM quoted company developing the Rukwa coal project in southwest Tanzania (the \"Project\"), is pleased to provide an update with respect to its current and targeted operations for the remainder of 2019.\n \nAs announced on 1 April 2019, following the limited take up of the Open Offer, the Company was forced to constrain operations in order to maintain capital whilst an alternate funding scenario was secured. This funding solution was provided through the Firm Placing to raise £100,000 and Conditional Placing to raise a further £410,000 as announced on 29 April 2019. With the Firm Placing proceeds now received and the net proceeds from the Conditional Placing expected shortly, subject to shareholder approval at the General Meeting to be held on 17 May 2019, the Company has recommenced activities as follows.\n \nPlant\n \nThe Company has utilised the period of limited production to further optimise the plant and facilities. The recalibration of parts of the plant, orders of additional low capex items and reorganisation of the workforce is under way and all upgrades are expected to be completed by the end of June 2019. These are in addition to the plant upgrades such as the installation of the Lamella water treatment plant and the introduction of a pre-screening plant, that have taken place over the last six months and were summarised in the announcement of 29 April 2019.\n \nUpon completion of this optimisation process, the Company expects to eliminate the previous issues that had hindered the throughput and operational capacity of the plant, thereby enabling the plant to reach its targeted initial production capacity of 10,000 tonnes of washed coal per month. Total capital investment in these recent upgrades is expected to be less than US$50,000 and the Company's Directors believe this investment should enhance the future performance of the Project.\n \nMining Operations\n \nThe Company has commenced site preparations for road construction to the new mining area, to the north of current operations. Upon completion of road constru...