Last checked at 13 Nov 2015 15:14
13th November 2015
Kennedy Ventures plc
("Kennedy Ventures" or "the Company")
Press speculation
On 1 July 2015, Kennedy Ventures plc, which is focused on tantalite production in Namibia through its 75% holding in African Tantalum (Pty) Limited ("Aftan") announced the completion of a long term offtake agreement (the "Offtake Agreement") between Aftan and a major leading manufacturer of electronic components (the "Offtaker") under which the Offtaker had agreed to take the full production from Aftan under a long term offtake agreement, at prices in line with the market.
Following recent press coverage, the Company can confirm that the commentary in relation to pricing does not accurately reflect the terms of the Offtake Agreement. Furthermore the confidentiality provisions contained in the Offtake Agreement prevent any further disclosure of the details of the agreement.
ENDS
For further information, please contact:
Kennedy Ventures plc | 020 3757 4983 | |
Peter Hibberd c/o Billy Clegg | ||
Cenkos Securities (Nominated Adviser and Joint Broker) | 0131 220 6939 | |
Derrick Lee / Nick Tulloch | ||
Shore Capital (Joint Broker) | 020 7408 4090 | |
Mark Percy / Toby Gibbs (corporate finance) | ||
Jerry Keen (corporate broking) | ||
Peterhouse Corporate Finance (Joint Broker) Duncan Vasey | 020 7469 0935 | |
Camarco | ||
Billy Clegg / Georgia Mann / Tom Huddart | 020 3757 6983 |
Notes to editors
Tantalite concentrates form the vast majority of feedstock for all tantalum products. As such they are critical and unreplaceable parts of a wide range of modern electronics including computers, tablets, mobile phones, motor components and video game systems.
Aside from electronics, tantalum has significant usage in super alloys, specialised steels, corrosion resistant equipment and medicine.
Tantalum's applications are based on its unique physio - chemical properties. The oxides and metal have extremely high melting points, high heat conductivity and strong resistance to corrosive environments. Combined, these factors have entrenched its international demand and made it an important component of numerous research projects and new technologies.
Trade pricing is following tantalum markets as per Asian Metals and Metal Pages.
In August 2012, the US Securities and Exchange Commission adopted a rule mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act to require companies reporting to the SEC to publicly disclose the origins of the tantalum they buy in order to restrict the use of conflict minerals that originated in the Democratic Republic of the Congo or an adjoining country. As a result, users of tantalum are encouraged to demonstrate that their supply chain is transparent to ensure that conflict-free tantalum is procured.
It is intended that the tantalum produced by Aftan will be conflict-free.