Kennedy Ventures PLC Investee Company Operational Update (9637Q)
18 September 2017 - 4:00PM
UK Regulatory
TIDMKENV
RNS Number : 9637Q
Kennedy Ventures PLC
18 September 2017
18 September 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 Namibia
Tantalite Investments mine ("NTI") (historically referred to as the
Tantalite Valley Mine) in Namibia, is pleased to provide an
operational update.
Highlights:
-- Second shipment of industry leading high purity tantalum has
been shipped to Aftan's customer with a third and fourth shipment
to follow during Q4 2017.
-- The current shipment has continued to meet the stringent
specifications of our key customer. This reflects Aftan's focus on
quality of output and was accomplished as a direct result of
continued improvements to the mine operations as well as building
out our technical team to meet the increasing demand.
-- Aftan's plant upgrades are progressing as planned with three
new conveyors installed and with commissioning having started on 14
September to both the Crusher Circuit and Second Screen.
-- Positive cost savings are being achieved with parts being now
sourced from Namibia rather than South Africa, saving on logistic
costs and taxation and further improving Namibian in country
relations.
-- Further successful plant upgrades include:
-- New roller technology installed and commissioned
-- Screen number two with new panels installed and commissioned
-- Repositioned Thickener Feed Piping to improve the quality of
water going downstream to our James Tables
-- Eight James Tables now in position and all functioning
-- Installed expanded lighting
-- Preventative Maintenance program in its second full month
showing excellent machine efficiency improvements in the double
digits
-- Added Quality Change Controls implemented whereby multiple
management signoff is required from multiple skill sets to improve
overall communication of change and demonstrate control and
repeatability of any changes requested
The plant upgrades and improved processes have resulted in the
NTI mine now producing tantalum grades at the specification
required by its end user - a leading manufacturer of electronic
components. Aftan's second shipment has been sent with the third
expected to be delivered during Q4 with further shipments to
follow. In line with receipt of approval for extended shifts, the
mine is now successfully running two shift operations which are
benefiting mine efficiencies and productivity. Furthermore, Aftan,
together with Larry Johnson's consultation, is realising
improvements in fixed costs and working capital through such
initiatives as outsourcing catering and cleaning services as well
as negotiating extended payment terms.
Relations with the Namibian Miners Union continues to improve as
Aftan elevates its commitment to ensuring its mine workers are
safely transported to and from the mine to local pickup points.
Water is a key component of the NTI plant operation and to
further improve the efficiency of the operation, a local drill
operator will, during week commencing 18 September, drill three to
four fresh boreholes near the plant to provide water closer than
Aftan's current source. These boreholes will also provide future
water reserves and support upcoming core drilling under Aftan's
Lithium Exploration advancements which are expected to commence
during Q4 2017 and will include expanded Tantalum and other
mineralization studies, with the guidance of MSA, Aftan's JORC
third party competent person from South Africa. Details of the
planned core drilling are in the final stages with selection of the
drilling company to take place shortly.
As part of its drive to enhance community relations, Aftan,
together with Kennedy, has established a new collaborative
relationship with the Karasburg Regional Council to provide
educational learning through mine visits to science pupils from
Karaburg CS. Following a successful visit of Grade 12 science
students and their teachers to the NTI mine, the Directorate of
Education, Arts and Culture, Kharas Regional Council, has expressed
his gratitude and wish to further strengthen the relationship with
the NTI mine acting as a learning resource for the Science pupils
who are interested in mining as a career. Aftan looks forward to
working with Karasburg CS as we further cement our position as a
key employer within the region.
Larry Johnson, CEO of Kennedy Ventures, commented:
"Aftan continues to make considerable progress and is now in a
stronger position both at an operational level and with onward
sales with Kennedy's assistance. Aftan are continuing to drive out
variable costs, bringing on stronger technical localisation,
improving relationships with the Namibian government and
establishing partnerships with educational institutes whilst always
maintaining focus on its customer's needs. Aftan is confident in
its drive to become the leading Tantalum Underground Mine in the
world, producing the highest quality tantalum."
Kennedy Ventures plc
Larry Johnson (CEO), c/o Tel: +44 (0)203 757
Camarco 4983
finnCap (Nominated Adviser Tel: +44 (0)20 7220
and Joint broker) 0500
Christopher Raggett / Scott
Mathieson / Anthony Adams
(corporate finance)
Simon Johnson (corporate
broking)
Shore Capital (Joint broker) Tel: +44 (0) 207
Mark Percy / Toby Gibbs 408 4090
(corporate finance)
Jerry Keen (corporate broking)
Camarco (PR) Tel: +44 (0) 203
Gordon Poole / Billy Clegg 757 4980
James Crothers
The data included in this press release may vary as operations
continue, and also due to the factors involved in operating in the
geography. These factors could include inclement weather, social
issues and shut downs for technical works undertaken among
others.
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
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