Last checked at 3 Nov 2015 07:00
3rd November 2015
Kennedy Ventures plc
("Kennedy Ventures" or "the Company")
Successful Commissioning of Process Plant at Tantalite Valley
Kennedy Ventures plc, which is focused on tantalite production in Namibia through its 75% holding in African Tantalum (Pty) Limited ("Aftan"), is pleased to announce the successful and within budget commissioning of Aftan's tantalite process plant at the Tantalite Valley Project in southern Namibia.
The mine is now virtually fully staffed, with a full water supply and has been restocked with additional spares to minimize any future mechanical downtime. It is expected that new underground production will be available for processing during the course of this month. Plans have been emplaced to expedite output and first deliveries to our offtaker are now anticipated during November 2015.
It is expected that production will now ramp up to an initial target rate of 10,500 tonnes per month, estimated to produce around 5,000lbs Ta205 per month in the second quarter of 2016.
Peter Hibberd, CEO of Kennedy Ventures said:
"We are delighted that production of 'conflict free' tantalum has recommenced at the mine. This is a major milestone as Aftan continues to progress towards becoming a material producer of tantalite. We look forward to making our first delivery to our off-taker in the near future. Initial indications from the mine have confirmed that Aftan's targeted production levels remain realistic and achievable."
"In the medium term, we are greatly excited about the potential of Tantalite Valley and the potential to expand operations both in terms of geography and possible products".
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.