Intra Energy
(ASX:IEC) formerly Atomic Minerals, was basically a uranium explorer and became a coal only exploration company in East Africa, changing to Intra Energy in 2011. We have developed Tancoal Energy in joint venture with the Tanzania Government and since purchased Tanzacoal mining area with an exploration company. Our focus is development, operation and production.
Tanzania is a politically stable, Swahili/English speaking country of 45 million people with a strategic infrastructure. Surrounded by one of the world’s fastest growth areas, it is agriculturally and minerally wealthy, has vast fresh water and offshore gas. Industrial production is strong but not competitive due to insufficient diesel generated electricity. Reliable electricity is lacking and Tancoal is now the only coal producer in the eastern part of Africa.
Our motto is African coal for African growth. Malawi grew at 7.2 per cent in 2010; Rwanda is ‘the Singapore of Africa’ with growth at 7.9 per cent this year, Zambia the copper belt and Kenya, Tanzania and Mozambique are exhibiting strong growth.
We spent $13 million capitalising a mine producing 35,000 tonnes high quality coal per month. We bought Tanzacoal for $10 million, leaving $10 million. We export coal into Kenya and Malawi, and supply cement industries in Tanzania. By 2015 we expect to have a market share of 500,000 tonnes and are negotiating internally to develop a power station.
