Kennedy Ventures PLC Investee Company Operational Update (6691J)
30 June 2017 - 4:01PM
UK Regulatory
TIDMKENV
RNS Number : 6691J
Kennedy Ventures PLC
30 June 2017
30 June 2017
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 in Namibia ("TVM"), is pleased to provide an
operational update from TVM.
Highlights:
-- Following a successful visit to TVM by a leading manufacturer
of tantalum capacitors (the "Customer") the Company booked its
first sales from its shipment to the Customer of its high grade 48%
Ta205, one of the highest grades reported from Tantalum mines
globally. Further purchase orders have followed the first.
-- Six additional shaker Tables have been successfully installed
and are operational, bringing the total up to eight shaker tables
on site and running in the plant circuit. These tables remove
impurities and increase Tantalum recoveries above 70% (previously
c.50%)
-- Negotiations with the Miners Union have been highly
successful and are now complete, increasing the working hours per
day from 12 to 16
-- A Plant Preventative Maintenance Program study has been
started aimed at increasing run time efficiencies through the
establishment of Statistical Process Controls
Aftan's Mine Operation
Following the plant upgrades TVM now produces Tantalum to the
highest specification to meet our Customer's demands as well as
importantly meet the requirements under the Dodd Frank Act. Further
successful meetings with the Customer has resulted in continued
purchase orders in addition to sampling that has been distributed
further into the supply chain. Aftan anticipates being in a
position to execute a full long term Customer agreement over the
coming months.
The Lithium project continues to advance with the completion of
the third party SGS lab report showing grades from the initial bulk
sampling above 1.5%. A site visit took place with the MSA Group who
are producing the JORC report and it was determined further core
sampling was required to allow an extended look at a much larger
area to include the Homestead resources. This is very positive as
this extends the potential lithium resource and assesses the
Homestead which the Company is already mining Tantalum from, with
stock piling of Lepidolite taking place from various visual veins.
Aftan will continue reporting as further necessary data is compiled
over the coming months.
Larry Johnson, CEO of Kennedy Ventures, commented:
"Aftan has made considerable progress in the year to date and is
now in a position of strength both at the operational level and
with onward sales. Aftan is confident that its product will meet
the Customer's quality and specification tests and its work this
calendar year means Aftan is now firmly positioned within a
world-class supply chain. The efforts by Aftan over the last 6
months, together with Kennedy's consultation, to upgrade TVM's
operations will deliver optimised output and product quality, as
well as to ensure the TVM is operating efficiently and cost
effectively. In turn, we expect this will deliver value creation in
the near and long term as Aftan aims for full scale commercial
production in Q2 2017.
We are very pleased with Aftan's continually strengthening
relationship with the Namibian Miners Union. The extended hours
allows Aftan to better utilise its labour force, 99% of whom are
Namibian, and provide for more wealth creation amongst the local
community."
Kennedy Ventures plc
Larry Johnson (CEO), c/o Tel: +44 (0)203 757
Camarco 4983
finnCap (Nominated Adviser Tel: 44 (0)20 7220
and broker) 0500
Christopher Raggett / Scott
Mathieson / Anthony Adams
(corporate finance)
Simon Johnson (corporate
broking)
Shore Capital (Broker) Tel: +44 (0) 207
Mark Percy / Toby Gibbs (corporate 408 4090
finance)
Jerry Keen (corporate broking)
Camarco (PR) Tel: +44 (0) 203
Gordon Poole 757 4980
Billy Clegg
James Crothers
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFKLLLDQFFBBF
(END) Dow Jones Newswires
June 30, 2017 02:01 ET (06:01 GMT)
Kazera Global (LSE:KZG)
Historical Stock Chart
From Apr 2024 to May 2024
Kazera Global (LSE:KZG)
Historical Stock Chart
From May 2023 to May 2024