StockMarketWire.com - Edenville Energy [LON:EDL] has announced that chief operations officer Mark Pryor has resigned.

The company says that with the recent banning of import coal, the Rukwa project is moving its focus from exploration and licence acquisition to resource exploitation.

This is being carried out in parallel with feasibility studies and development of the proposed coal to power project.

As such, the company is increasingly taking on an operational and engineering focus and will therefore need the services of an experienced open pit mining engineer.

Edenville said: "Mark has tendered his resignation in the knowledge that his primary skills are on the geology side of the business rather than engineering. He recognises that the Company needs to find a person with the appropriate skills and experience to assume the changing role of chief operations officer.

"Mark has stepped down from the board of the company with immediate effect, but will remain with the company for as long as is required to ensure an orderly transfer of responsibilities to an incoming COO, and other Edenville staff, over the next few months."

In the meantime, the company's chief executive, Rufus Short, will assume the formal responsibilities of COO while candidates for a new permanent COO or similar position are considered.

Chairman Jeff Malaihollo said: "On behalf of the Company and the Board, I would sincerely like to thank Mark for his important contribution to the advancement of the Company and its assets in Tanzania during his time with Edenville. Mark has been with the Company since late 2009 when the Rukwa deposit was largely unexplored.

"Prior to becoming COO, Mark held several roles in the Company including Managing Director and Non-Executive Director. He was instrumental in the development of the resource from a largely unexplored group of deposits to the 173 million tonnes of JORC compliant resources that currently exists. He has also provided critical guidance and training to our team of geologists in Tanzania."

* * *

Churchill Mining [LON:CHL] will hold its annual general meeting at the offices of BDO LLP, 55 Baker Street, London W1U 7EU, on 1 December at 10 a.m.

* * *

Coal of Africa Limited [LON:CZA] has welcomed a South African minister's decision to dismiss an appeal against the environmental authorisation amendment for the Makhado project in the Limpopo Province.

The EA amendment was granted in July in terms of the National Environmental Management Act (NEMA) (Act 107 of 1998), amending the holder of the authorisation from CoAL to Baobab Mining and Exploration Limited (Pty) Ltd, the legal entity for the Makhado project, thus ensuring the alignment of the ownership of the full suite of regulatory authorisations in the appropriate operating vehicle.

The EA Amendment further amends the validity period of the EA, extending the commencement period for an additional five years. An appeal against the EA Amendment was lodged in August by the Vhembe Mineral Resources Stakeholders' Forum.

This has now been dismissed by minister of environmental affairs Edna Molewa. CoAL chief executive David Brown said: "We welcome this decision by the Minister, and confirms the support of the Provincial and National Government for the Makhado Project and its potential to drive meaningful socio-economic transformation. It is a further step in progressing the Makhado project towards construction.

"We have recently launched the Makhado Centre of Learning which aims to develop skills within communities to enable access to opportunities offered within the Makhado project.

"CoAL continues to engage with the department of water and sanitation progress the appeal against the integrated water use licence for the Makhado project."

* * *

Anglo Pacific Group's [LON:APF] royalty related income rose to £4.7m in third quarter - 147% up on a year ago.

Royalty related income for the first nine months totalled £9.0m comapred with £5.7m for the nine months to the end of September 2015 and £8.7m for the full year of 2015.

The group had cash and cash equivalents of £4.0m as at 30 September (31 December 2015: £5.7m) and net debt of £8.2m (31 December 2015: £1.8m), both prior to receipt of Q3 2016 royalty income.

Outlook:

- Significant increases in both coking and thermal coal prices since the half year, with spot prices up 229% and 110% year to date respectively, which should benefit royalty income in Q4 2016

- Royalty income for 2016 expected to be considerably higher than previous expectations

- Net debt currently stands at £4.2m following receipt of the Q3 2016 royalty income

- Currency hedging measures implemented to protect a significant portion of forecast next six months' Australian dollar income at spot rates of approximately GBP:AUD 1.60, following the continued weakness of sterling post the outcome of the EU referendum

- Full dividend cover now expected for 2016 ahead of previous guidance, and acceleration in the timeframe when the Group can consider gradually increasing its dividend

Chief executive Julian Treger said: "We are delighted by the Group's progress this year, underlined by the significant increase in royalty income which is already ahead of 2015 as a whole. Encouragingly, we believe that more good news is still to come in Q4 2016, when increased coal prices and mining in our royalty areas should benefit the Company still further.

"With the outlook for robust coal prices set to continue through H1 2017, we look forward to the corresponding benefit to our dividend cover. We remain very excited about the Group's prospects, as Anglo Pacific continues to be one of the only listed royalty companies that provides such high levels of exposure to coking coal price increases."

* * *

The sector's biggest riser was Avocet Mining [LON:AVM] - up by more than 38.2% in late trading - while the biggest faller was Sirius Minerals [LON:SXX] - down by over 9.1%



Edenville Energy [LON:EDL] has announced that chief operations officer Mark Pryor has resigned.

The company says that with the recent banning of import coal, the Rukwa project is moving its focus from exploration and licence acquisition to resource exploitation.

This is being carried out in parallel with feasibility studies and development of the proposed coal to power project.

As such, the company is increasingly taking on an operational and engineering focus and will therefore need the services of an experienced open pit mining engineer.

Edenville said: "Mark has tendered his resignation in the knowledge that his primary skills are on the geology side of the business rather than engineering. He recognises that the Company needs to find a person with the appropriate skills and experience to assume the changing role of chief operations officer.

"Mark has stepped down from the board of the company with immediate effect, but will remain with the company for as long as is required to ensure an orderly transfer of responsibilities to an incoming COO, and other Edenville staff, over the next few months."

In the meantime, the company's chief executive, Rufus Short, will assume the formal responsibilities of COO while candidates for a new permanent COO or similar position are considered.

Chairman Jeff Malaihollo said: "On behalf of the Company and the Board, I would sincerely like to thank Mark for his important contribution to the advancement of the Company and its assets in Tanzania during his time with Edenville. Mark has been with the Company since late 2009 when the Rukwa deposit was largely unexplored.

"Prior to becoming COO, Mark held several roles in the Company including Managing Director and Non-Executive Director. He was instrumental in the development of the resource from a largely unexplored group of deposits to the 173 million tonnes of JORC compliant resources that currently exists. He has also provided critical guidance and training to our team of geologists in Tanzania."

* * *

Churchill Mining [LON:CHL] will hold its annual general meeting at the offices of BDO LLP, 55 Baker Street, London W1U 7EU, on 1 December at 10 a.m.

* * *

Coal of Africa Limited [LON:CZA] has welcomed a South African minister's decision to dismiss an appeal against the environmental authorisation amendment for the Makhado project in the Limpopo Province.

The EA amendment was granted in July in terms of the National Environmental Management Act (NEMA) (Act 107 of 1998), amending the holder of the authorisation from CoAL to Baobab Mining and Exploration Limited (Pty) Ltd, the legal entity for the Makhado project, thus ensuring the alignment of the ownership of the full suite of regulatory authorisations in the appropriate operating vehicle.

The EA Amendment further amends the validity period of the EA, extending the commencement period for an additional five years. An appeal against the EA Amendment was lodged in August by the Vhembe Mineral Resources Stakeholders' Forum.

This has now been dismissed by minister of environmental affairs Edna Molewa. CoAL chief executive David Brown said: "We welcome this decision by the Minister, and confirms the support of the Provincial and National Government for the Makhado Project and its potential to drive meaningful socio-economic transformation. It is a further step in progressing the Makhado project towards construction.

"We have recently launched the Makhado Centre of Learning which aims to develop skills within communities to enable access to opportunities offered within the Makhado project.

"CoAL continues to engage with the department of water and sanitation progress the appeal against the integrated water use licence for the Makhado project."

* * *

Anglo Pacific Group's [LON:APF] royalty related income rose to £4.7m in third quarter - 147% up on a year ago.

Royalty related income for the first nine months totalled £9.0m comapred with £5.7m for the nine months to the end of September 2015 and £8.7m for the full year of 2015.

The group had cash and cash equivalents of £4.0m as at 30 September (31 December 2015: £5.7m) and net debt of £8.2m (31 December 2015: £1.8m), both prior to receipt of Q3 2016 royalty income.

Outlook:

- Significant increases in both coking and thermal coal prices since the half year, with spot prices up 229% and 110% year to date respectively, which should benefit royalty income in Q4 2016

- Royalty income for 2016 expected to be considerably higher than previous expectations

- Net debt currently stands at £4.2m following receipt of the Q3 2016 royalty income

- Currency hedging measures implemented to protect a significant portion of forecast next six months' Australian dollar income at spot rates of approximately GBP:AUD 1.60, following the continued weakness of sterling post the outcome of the EU referendum

- Full dividend cover now expected for 2016 ahead of previous guidance, and acceleration in the timeframe when the Group can consider gradually increasing its dividend

Chief executive Julian Treger said: "We are delighted by the Group's progress this year, underlined by the significant increase in royalty income which is already ahead of 2015 as a whole. Encouragingly, we believe that more good news is still to come in Q4 2016, when increased coal prices and mining in our royalty areas should benefit the Company still further.

"With the outlook for robust coal prices set to continue through H1 2017, we look forward to the corresponding benefit to our dividend cover. We remain very excited about the Group's prospects, as Anglo Pacific continues to be one of the only listed royalty companies that provides such high levels of exposure to coking coal price increases."

* * *

The sector's biggest riser was Avocet Mining [LON:AVM] - up by more than 38.2% in late trading - while the biggest faller was Sirius Minerals [LON:SXX] - down by over 9.1%








At 4:20pm:

[LON:APF] Anglo Pacific Group PLC share price was +2.63p at 127.38p

[LON:AVM] Avocet Mining PLC share price was +16.75p at 60.5p

[LON:BEM] Beowulf Mining PLC share price was +0.38p at 5.88p

[LON:BKY] Berkeley Energia Ltd share price was -0.75p at 46.5p

[LON:CEY] Centamin PLC share price was +1.15p at 161.35p

[LON:CHL] Churchill Mining PLC share price was -0.5p at 30p

[LON:CZA] Coal of Africa Ltd share price was +0.06p at 3.3p

[LON:EDL] Edenville Energy PLC share price was -0.03p at 0.57p

[LON:FDI] Firestone Diamonds PLC share price was 0p at 56p

[LON:FRES] Fresnillo PLC share price was +67.5p at 1785.5p

[LON:GEMD] Gem Diamonds Ltd share price was -0.5p at 116.5p

[LON:HOC] Hochschild Mining PLC share price was +4.15p at 272.85p

[LON:KMR] Kenmare Resources PLC share price was +2.5p at 307.5p

[LON:VED] Vedanta Resources PLC share price was +9.5p at 750.5p



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