LONDON (Alliance News) - Kennedy Ventures PLC on Wednesday said first delivery of tantalite from its 75%-owned African Tantalum (Pty) Ltd's mine in Southern Namibia is now expected later than previously expected.
Sales to the company's offtake partner had been expected to commence in the final quarter of 2015. First delivery to the offtaker is now expected in February, the company said Wednesday, adding that demand from the offtaker "remains high" with further negotiations taking place to "establish a structure to assist utilising near term cash flow to finance new investments in the sector".
"The company's investment in Aftan continues to represent the launch pad for Kennedy Ventures to take advantage of further investment opportunities in the sector. After a slight delay, Aftan is now positioned to deliver substantially improved performance from both mine and plant," Peter Hibberd, chief executive of Kennedy Ventures, said.
"Blasting of adit ends now occurs daily with visible tantalite occurring in a number of places and with first delivery to the offtake partner expected at the end of the month it will soon be entering a phase of cash flow generation," Hibberd added.
Shares in Kennedy Ventures were up 5.9% at 6.75 pence on Wednesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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