LONDON (Alliance News) - Kennedy Ventures PLC Tuesday said that African Tantalum (Pty) Ltd, which it has 75% stake in, has acquired the remaining 40% interest in the Tantalite Valley Project in Namibia from Magnum Mining and Exploration Ltd for GBP0.4 million.
Kennedy Ventures, which is focused on tantalite production in Namibia through its holding in Aftan, said that once completion has occurred by September 7, it will own 100% of the Tantalite Valley Project through its two subsidiaries.
Mining from the high grade ores is on track to commence in the third quarter of 2015, with the first delivery of production on track for the beginning of the fourth quarter, Kennedy Ventures said, adding that this will be Aftan's first mine to come into operation.
"We are pleased to conclude this agreement at this time as the Tantalite Valley Mine is being prepared for production. The re-commissioning of the mine is on track and within budget to commence production in the current quarter. This agreement enables Aftan to become sole owners of the operating and title companies and will create further value for Kennedy Ventures' shareholders," Chief Executive Peter Hibberd said in a statement.
Shares in Kennedy Ventures were trading up 1.3% at 5.95 pence Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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