Edenville rallies on World Bank funding win

Edenville Energy's shares climbed off their all-time low after the coal miner secured $455m of World Bank funding for its Zambia-Tanzania-Kenya power transition line.

The AIM-traded company said the funding will allow for the construction of high voltage power infrastructure, including the transmission line from Sumbawanga to Tunduma and the associated Sumbawanga substation near to the company's Rukwa project area in southwest Tanzania.

A statement from Edenville said: "Edenville believes that this news, in conjunction with the company's operational mining activities, has the potential to be transformational for the company's planned Rukwa coal to power project. It should now allow the company to progress its integrated Rukwa coal to power project with the intention to develop the facility alongside the role out of the new power line."

The Rukwa project contains 170m tonnes of measured and indicated joint ore reserves committee (JORC) compliant coal resources, with the mine entering commercial production earlier in the year.

Located in western Tanzania, the project is fully owned by Edenville Energy and has excellent links for transportation and logistics by road, water and rail.

As of 1110 BST, Edenville Energy’s shares, having fallen 92% over the past five years to a low of 0.22p earlier in the week, jumped 70% to 0.4p.