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Edenville Energy Share Price Rallies Following Rukwa Project Update

Sam Boughedda trader
Updated 5 Nov 2021

Edenville Energy's share price has jumped Friday after it provided an update on the Rukwa Coal Project.

The company is continuing to ramp up production and sales to a targeted output of 3,000 tonnes per month of washed coal later this year.

In October, Edenville mined 2,240 tonnes of Run of Mine (ROM) coal and produced 1,024 tonnes of washed coal through its plant, representing a rise of over 150% on the September figures. A further 7,680 tonnes of waste was also moved, with the company stating this opens up greater access to the coal deposit.

1,069 tonnes of washed coal were sold domestically in October. In addition, Edenville has received orders from its existing customers for 3,600 tonnes of washed coal for November, which has resulted in the company expanding operations to meet demand.

Alistair Muir, CEO of Edenville, said: “I am pleased to report further progress last month, with a significant increase in production, processing and sales following upgrades to the site in Q3 2021. I believe the company remains on track to meet its stated objective of selling at a rate of 3,000 tonnes per month of washed coal by the end of the year.”

The news has seen Edenville's share price rally Friday. It is currently up over 8% at 26.5p, adding to its recent gains.

Should you invest in Edenville Energy shares?

Edenville Energy shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Edenville Energy shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.