Intra Energy Corporation (ASX:IEC) has leveraged higher demand for thermal coal in East Africa by selling 22,176 tonnes of coal in February 2014 from its mines in Tanzania and Malawi.
It is the second consecutive month that Intra has achieved record sales, exceeding January's previous sales volume record of 19,308 tonnes by 14.8% which should see its shares tick higher.
Intra is tapping the increasing demand for thermal coal from cement and steel construction companies in the region.
Intra is now supplying coal to 21 industrial customers in the East African regions of Tanzania, Kenya, Malawi, Zambia and Uganda.
It comes from a shorter month and during the wet season in the South West region of Tanzania.
The company continues to focus on increasing sales and growing market share in the region, productivity improvements in mining operations and improvements in supply chain efficiency.
Last month, Intra 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.
In addition, Intra recently 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.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.