Kennedy Ventures PLC Investee Company Operational Update (4081L)
03 October 2016 - 5:00PM
UK Regulatory
TIDMKENV
RNS Number : 4081L
Kennedy Ventures PLC
03 October 2016
3 October 2016
Kennedy Ventures plc
Kennedy Ventures plc
Investee Company Operational Update
Kennedy Ventures plc ("Kennedy Ventures" or "the Company"), the
AIM quoted investment company, who through its stake in African
Tantalum (Pty) Limited ("Aftan") has an interest in the Tantalite
Valley Mine ("TVM") in Namibia, is pleased to announce that it has
been informed by Aftan that the testing programme of the plant
upgrade at the Homestead Project ("Homestead") has been successful
and is ramping up to full capacity with commercial rate production
expected from next week.
As previously reported, Aftan's mining operations have continued
throughout the upgrade. The new compressor has been installed. The
underground loader and Bell tractor and trailer are currently en
route to site and should enable mining production to be ramped up
to full capacity. The increased mining rate target of 15,000 tonnes
per month, together with the existing stockpile, will ensure
continuity of plant operations.
The plant modules are performing as per design specifications
and production is being ramped up as each section completes
testing. Full commercial production at the new higher target rate
of 15,000 tonnes per month is expected to be reached during next
week and first shipment of tantalite concentrate to Aftan's offtake
partner is anticipated to take place in the second half of the
month, and twice per month thereafter.
Aftan has advised that further fines recovery equipment will be
installed in the first two weeks of October without disrupting
production and this is expected to increase the recovery of fine
tantalite.
Aftan continues to assess the potential of the lepidolite
lithium deposit as well as the occurrence of lithium in the other
pegmatite bodies and both geological and metallurgical studies are
in an advanced position.
Renier Swiegers, General Manager of TVM, said:
"I am very pleased that the progress of the plant upgrade and
the testing has gone according to plan. I look forward to the mine
resuming full production imminently and recommencing tantalite
shipments in the second half of this month."
Giles Clarke, Chairman of Kennedy Ventures, said:
"The upgrade is part of the overall strategy to maximise
production and, upon commercial production, we hope that Aftan will
quickly reach a cash generative position. Aftan's ongoing
investigations into the lithium potential at Tantalite Valley
continue to be exciting and we look forward to updating
shareholders as this work progresses and Aftan provides further
updates."
For further information on the Company, visit:
www.kvplc.com:
Kennedy Ventures plc
Peter Hibberd (CEO), c/o Tel: +44 (0)203 757
Billy Clegg 4983
Grant Thornton UK LLP (Nominated Tel: +44 (0)20 7383
Adviser) 5100
Colin Aaronson
Richard Tonthat
Daniel Bush
Shore Capital (Broker) Tel: +44 (0) 207 408
Mark Percy / Toby Gibbs (corporate 4090
finance)
Jerry Keen (corporate broking)
Camarco (PR) Tel: +44 (0) 203 757
Billy Clegg / Gordon Poole 4980
Tom Huddart
This information is provided by RNS
The company news service from the London Stock Exchange
END
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