Edenville Energy posts a loss after taxation of £446,801 for for the six-month period ended 30 June compared with £421,819 a year ago. The total comprehensive profit for the period was £100,732, which included a gain of £547,533 arising from the translation of the Tanzanian subsidiary company accounts from US dollars to sterling.
Chief executive Rufus Short said: "The first half of 2016 further built the foundations for the future development of the Company's Rukwa coal to power project.
"Significantly, in March 2016 the award of the mining licence over the Mkomolo deposit provided the cornerstone to move forward and crucially demonstrated the Tanzanian government's commitment to development of the coal industry in Tanzania.
"Since the national elections of October 2015 the government has been working to develop its policy and approach to coal and energy in the country. Recently this has significantly moved forward with the government's directive to ban coal imports from the end of August 2016. Additionally, the newly formed board of Tanesco has been working to define and implement an updated energy development policy.
"With the above in mind, Edenville is continuing to complete the technical and environmental requirements for the development of its coal to power project. The Company is awaiting the roll out of further policy initiatives by the government and Tanesco which will lead to completion of agreements and development timeframes. Importantly we are also actively evaluating all opportunities that are arising due to the recent coal ban by the government."
At 4:13pm: (LON:EDL) Edenville Energy PLC share price was -0.05p at 0.53p