LONDON (ShareCast) - Shares in Edenville Energy surged on Wednesday, after the coal and uranium explorer said its annual pre-tax loss narrowed.
The London-listed group reported a pre-tax loss of £2.3m in 2014, down 4.16% year-on-year, although administrative costs rose 40.1% to £895,305 and share based payments jumped to £147,977 from £39,797.

The increase in costs was offset by a 23.5% decline in impairments, which fell to £1.3m in the period, the company said in a statement on Wednesday.

Meanwhile, Edenville said it remained in discussion with a potential partner for its flagship project in Tanzania, which aims to feed a 120 megawatt plant for at least three decades, and was considering examining "all possible avenues" to deliver returns to its shareholders.

Edenville said the cost for the power plant and the Rukwa mine development was expected to be approximately $175m (£113.7m), while the site's net present value was between $220m and $322m.

The company said it was looking to obtain the mining licence and secure a partner as well as a source of capital by the end of the year, adding Shandong Electric Power Construction No 2 Co, a potential partner for the Rukwa project will visit the site in July.

"We are examining and moving forward on all possible avenues to increase value and create revenue from the project whether that is in the form of a power plant development or from sales to other end users for the coal in region should the opportunity arise," the company said.

Edenville shares were up 9.33% to 0.0820p at 11:05 on Wednesday after rising by as much as 13% earlier in the session.

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