Intra Energy Corporation (ASX:IEC) should trade higher after announcing a record monthly volume of 19,308 tonnes of thermal coal sold in January 2014 from its projects in Malawi and Tanzania.
This represents a 90% increase year on year, and significantly exceeds the previous sales volume record set in July 2013 of 16,839 tonnes.
Intra recently secured a further coal exploration licence in Malawi that complements the Ngana East lease it was granted in March last year.
Importantly, the 50.2 square kilometre Ngana West lease gave the company access to all known coal resources in the Ngana Coalfield.
And earlier this month Intra raised $1.5 million from subscriptions and underwriting of its Share Purchase Plan to purchase mining equipment for the Tancoal and Nkhachira mines.
The equipment will improve continuous supply of coal and enable output to reach mine capacity.
Tancoal is emerging as pre-eminent supplier of coal to industrial customers in the Eastern Africa Region, displacing expensive imported coal in current operation.
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