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Edenville Energy shares soar on US$455mln World Bank funding

Published: 09:35 22 Jun 2018 BST

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In morning trading, Edenville’s shares jumped 25.5% to 0.30p.

Edenville Energy PLC (LON:EDL) shares rose on Friday morning as it announced that US$455mln of World Bank funding has been approved for the Zambia-Tanzania-Kenya (ZTK) power transmission line. 

The AIM-listed firm said this funding will allow the construction of high voltage power infrastructure, which specifically includes the transmission line from Sumbawanga to Tunduma and the associated Sumbawabga substation near to the Rukwa project area in southwest Tanzania.

READ: Edenville Energy surges as trial mining starts at Tanzania project on significant coal-supply interest

Edenville believes that this news, together with the company's operational mining activities, has the potential to be transformational for its 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 Coal Project contains 170 million tonnes of Measured and Indicated JORC compliant coal resources and the mine has recently entered commercial production in early 2018,” the company said.

In morning trading, Edenville’s shares jumped 25.5% to 0.30p. 

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