26th Mar 2014 11:01
LONDON (Alliance News) - Edenville Energy PLC Wednesday said that a new power line through Tanzania will pass close to Edenville's Rukwa Coal Deposit.
The coal exploration and development company said that the new line was announced by the government of Tanzania as part of its construction of new electricity transmission infrastructure throughout the country.
The power line will move from north to south along the western side of the country and should attract foreign investment into the Tanzanian energy sector.
As such, Edenville said that it has been approached by a number of companies who have expressed an interest in developing a power plant in partnership with the company.
The company said it is in preliminary discussions with several parties on the power plant, but these are at an early stage and there can be no certainty that an agreement will be entered into.
"The deposit is strategically located in western Tanzania and whilst certain timelines for the project are inevitably linked to the country's power development programme, Edenville's intention is to move forward, technically and commercially, to advance the project along with the best possible partners in the energy space, maximising value for shareholders," Chief Executive Rufus Short said in a statement.
Edenville Energy shares were down 3.6% to 0.0675 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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