Edenville Energy, listed on the AIM market, underwent significant changes in operations, management, and board composition during the year ending December 31, 2022, which have continued into the first half of this year.

The latest development involves Edenville entering into a strategic funding agreement to raise £1.4 million, primarily from new shareholders, including South Africa's Q Global Commodities Group (WGC) and East African mining investment group Gathoni Muchai Investments (GMI). Jason Brewer and Quinton van der Burgh from WGC and GMI, respectively, are in the process of joining Edenville's board.

Upon Van der Burgh's appointment as non-executive chairman and director, current chairman Nick von Schirnding will resign from the board, while Brewer will assume the role of director. Von Schirnding expressed in the company's financial results for 2022 that it was a challenging period for Edenville, requiring difficult decisions to deliver shareholder value. However, he is optimistic that the current year will be more successful and stable.

One disruption during the year was the termination of an agreement between Edenville International Tanzania and Nextgen Coalmine for the operation of the Rukwa coal project in Tanzania. The termination allowed Edenville to assume full operating control of the project site and explore improved economic arrangements for coal mining at Rukwa.

The second half of the year saw several changes to the board, including the appointment of Noel Lyons as CEO, Paul Ryan as an executive director, and Andre Hope as a non-executive director. Von Schirnding assumed the role of non-executive chairman during this period. Operational management changes in Tanzania led to a more coordinated and dedicated workforce.

Edenville subsequently entered into a 12-month agreement with local mine operator Brahma Energies to operate the Rukwa mine from August of the previous year. Von Schirnding confirmed that the agreement with Brahma has been cost-effective and smooth-running.

In terms of production, Lyons noted intermittent positive signs, particularly during favorable weather conditions and when the aging plant operated without major breakdowns. A supply contract for up to 5,000 tons of washed coal per month was recently signed with a Rwandan client, indicating strong demand contingent upon consistent supply assurance. However, intermittent and unpredictable operational performance strained resources, hampered regular high-margin sales, and legacy issues posed challenges.