ARCHIVE

Intra Energy seeks to raise $4.5M

FOLLOWING a trading halt on the Australian Securities Exchange, Intra Energy has announced a shar...

Staff Reporter

The funds will be used to provide funding for the company’s operations in Tanzania and Malawi.

The company's flagship project is the Tancoal mine in the Ngaka coalfield of Tanzania operated by Tancoal Energy, a joint venture with the National Development Corporation of Tanzania as 30% shareholder.

Tancoal has commenced coal sales to local industry as well as exports to Malawi, Kenya and Uganda.

In a release on Tuesday Intra Energy said it would use part of the funds raised to expand operations at Tancoal, including purchasing additional equipment and improving mine logistics through road upgrades and expanded sales stockpiles.

The company said it would also use the funding for additional equipment purchases and civil infrastructure for the Malcoal mine in Malawi, further studies required for a bankable feasibility study for power stations at Tancoal and in Malawi, as well as for external JORC studies at recently acquired tenements in Malawi, Ngana and North Rukuru.

“The rights issue provides the opportunity for all shareholders to take part in funding the expansion of [the company’s] eastern African mining operations,” Intra Energy chairman Graeme Robertson said.

“IEC is already the major producer of coal in eastern Africa.

“In recent months we have delivered a number of key milestones including the signing of a memorandum of understanding with the government of Malawi regarding IEC’s intent to develop a 120 megawatt (net) coal-fired power station in Malawi, the extension of IEC’s MoU with Tanesco for a power station in Tanzania including expansion of the plant size from 120MW (net) to 200MW (net), commencement of mining at IEC’s Malcoal mine in Malawi and the company being granted highly prospective coal exploration licences in Malawi.

“The capital raising will also fund external JORC studies in relation to the recently granted exploration licences in Malawi as IEC expands its eastern African coal portfolio.”

Shareholders will be offered two new shares for every 15 shares held on April 24 at the issue price of 14c.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production