Kennedy Ventures PLC Investee Company Operational Update (2681U)
23 October 2017 - 5:00PM
UK Regulatory
TIDMKENV
RNS Number : 2681U
Kennedy Ventures PLC
23 October 2017
23 October 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 Investment Mine ("NTI") (historically referred to as
Tantalite Valley Mine) in Namibia, is pleased to provide an
operational update.
Highlights:
-- A second shipment of industry leading high purity tantalum is
currently in transit to Aftan's customer, with further shipments
planned before years end in line with our ramp up agreement with
the Customer.
-- Plant upgrades continue with the installation and
commissioning of the Primary Crusher, which is performing well. New
number one and number two screens along with new conveyors in the
crusher circuits have been installed, allowing for a more ergonomic
and consistent sizing flow, significantly increasing
efficiency.
-- Our current North American Global Customer will be visiting
the NTI mine the first week of November and will be reviewing the
changes we have implemented along with continued discussions of our
ramp plan since their last visit.
-- A second potential Customer will be performing a thorough
audit of our systems as well as discussing around potential
supply.
-- Closed on a multi-year bulk diesel agreement with the local
government, Namcor, which will increase our logistics efficiency,
utilising a 23kltr tank and pump system with a once a month
delivery at well below pump pricing costs
-- Negotiations with the Miners Union ("MUN") has resulted in a
newly signed multi-shift agreement being agreed, in line with
previous announcements. This is expected to be signed this week by
the Minister of Labors Office.
-- In the process of securing a fixed cost agreement with a
local supplier for Personal Protective Equipment ("PPE"),
eliminating variable cost from operations and continues our country
based spend improvements.
-- Recent pegmatite mapping by The MSA Group, whom have been
working on behalf of a subsidiary of Kennedy Ventures plc, Tameka
Shelf Company Four (PTY) Ltd, has confirmed the presence of a
number of Lithium-Caesium-Tantalum (LCT) type pegmatites that are
considered to be highly prospective for lithium and tantalite
mineralization. The mapping was used to design the current diamond
drilling programme, which commenced on 16 October 2017 with
additional drilling being planned to commence immediately after the
current programme.
New Installations and plant upgrades continue at the NTI mine
which is now producing Tantalum grades at world class levels, as
required by its end user a leading manufacturer of electronic
components. Our second shipment has been sent and the company is
confident that it will be able to deliver further shipments before
year end. The Customer is planning to visit the site in the first
week of November to view the plant upgrades since their last visit
in May. Along with this, a second potential Customer will be
performing a thorough audit of the plant with a view to potentially
arranging shipment.
The MSA Group, whom have been working on behalf of a subsidiary
of Kennedy Ventures plc, Tameka Shelf Company Four (PTY) Ltd, have
recently completed a pegmatite mapping exercise at Tantalite
Valley. The results of which have confirmed the presence of a
number of Lithium-Caesium-Tantalum (LCT) type pegmatites that are
considered to be highly prospective for Lithium and Tantalite
mineralization. The mapping has so far been used to design the
current diamond drilling programme, which commenced on 16 October
2017, this programme is focused on the pegmatites known to contain
lepidolite and spodumene lithium mineralization in addition to
tantalite mineralization. Additional drilling is planned to
commence immediately after the current programme with the intention
to define a Mineral Resources on the most prospective
pegmatites.
Aftan continues to work with local Universities and have the
Professor of Metallurgy and two Metallurgical Students from the
University of Namibia ("UNAM") on site, who are designing a new
Tailings Dam that will be reviewed before the year end before being
sent out for local bidding.
Larry Johnson, CEO of Kennedy Ventures, commented:
"I am delighted by the continued interest and support shown by
our current Customer. The upgrades we headlined as necessary
earlier in the year to ensure NTI's product met with our Customers
strict requirements are now coming through and ensuring we can
consistently deliver high grade tantalum to our Customer. As we
continue to ramp up production, we are now receiving added interest
from other potential customers.
We have made huge strides in a very short amount of time and the
improvements continue pushing us to a world class position with our
ability to meet stringent specifications with our high-grade
Tantalum Ore. We look forward to updating our shareholders as
further milestones are achieved."
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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