Kennedy Ventures PLC Investee Company Operational Update (3546Q)
29 November 2016 - 6:00PM
UK Regulatory
TIDMKENV
RNS Number : 3546Q
Kennedy Ventures PLC
29 November 2016
29 November 2016
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 TVM is now at a commercial
production level, and remains on course to hit the targeted
throughput rate of 15,000 tonnes per month. This is a result of the
upgrade of plant equipment and reorganisation of modules at the
Homestead Project ("Homestead").
In addition, Aftan has informed the Company that its first
shipment, containing 1.6 tons of tantalite concentrate, has been
delivered to its offtake partner on schedule. Shipments are
expected to take place twice per month going forward.
Aftan has also confirmed that the plant upgrade programme is now
in its final stages, with the installation of a milling circuit
underway, which is forecast to complete in December 2016. This is
predicted to increase the recovery of fine tantalite. Upon
completion of this phase, the TVM is expected to be cash flow
positive. Full production at an increased mining rate of 15,000
tonnes per month has been targeted for Q2 2017.
Furthermore, Aftan has progressed with its assessment of the
potential value of the lepidolite lithium deposit, with both the
geological and metallurgical test studies advancing as expected.
The completion of an upgrade to the processing plant in the form of
an additional floatation circuit, enabling the processing of the
lithium bearing ores, is scheduled for Q1 2017. This feature will
enable the removal of mica to create a lithium-rich concentrate,
which would provide a potential entrance into the lithium market
for Aftan.
Renier Swiegers, General Manager of TVM, said:
"The plant upgrade programme continues to progress on schedule
and I am delighted that the tantalite shipments have now
recommenced. Full commercial production at the increased rate of
15,000 tonnes per month is on course to begin in Q2 2017, and all
those involved are working relentlessly to achieve this
target."
Giles Clarke, Chairman of Kennedy Ventures, said:
"The upgrade was an important and essential part of Aftan's
strategy to deliver real returns from the TVM and it is quickly
approaching a cash flow positive position through the sale of high
grade tantalite. We also remain very excited about the lithium
potential from TVM and look forward to Aftan advancing its
knowledge of the deposit, from which it intends to produce lithium
concentrate next year."
For further information on the Company, visit:
www.kvplc.com:
Kennedy Ventures plc
Peter Hibberd (CEO), c/o Tel: +44 (0)203 757
Camarco 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
Gordon Poole / Billy Clegg 4980
This information is provided by RNS
The company news service from the London Stock Exchange
END
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