Investee Company Operational Update

RNS Number : 3784E

Kennedy Ventures PLC

09 February 2018

 

9 February 2018

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 in Namibia, is pleased to provide an operational update.

Highlights

·    Fourth shipment of industry leading high-grade tantalum to its customer, a global North American leading tantalum consumer and end user of our tantalum ore ("the Customer"), with the recent shipment reaching grades of over 51% purity

·     Communication continues with a potential second customer around supply of tantalum

·     Aftan has initiated discussions with a third potential customer

·   Aftan has hired additional personnel to increase plant efficiencies including an exploration geologist, interim Chief Finance Officer and senior metallurgist

·   Aftan has begun working with two different environmental groups to consider further plant upgrades with the planning of a new Tailings Dam

Aftan continues to focus on delivering industry leading quality tantalum shipments from the NTI mine to the Customer and is pleased to note a fourth shipment with a grade of over 51% has been delivered to the Customer. This most recent shipment reiterates Aftan's focus on the quality of its shipments which continue to improve as the plant is upgraded further, attracting the attention of two further potential customers in addition to the primary Customer.

Aftan has made significant progress on further exploration at the mine with the first 100 drill core samples sent to ALS Group as part of the process to better understand the Homestead and Lepidolite ore bodies. To aid the process, Aftan has hired an exploration geologist whose primary focus will be to guide further core drilling.

In line with our continued focus to improve plant efficiencies, Aftan has made further additions to its team based at the mine, hiring Mr John Fahy as Interim Chief Finance Officer and Mr Odilon Ilunga as a metallurgist. Both join with significant and highly valuable experience.

Initial environmental studies have also begun with two environmental groups engaged to consider the effects of a new Tailings Dam to increase water capacity for the mine. 

Background to new personnel

John Fahy joins the Company with 40 years of cross-sector experience, most recently as Managing Director of Nampak, the largest packaging company in South Africa. John has held various financial auditing consulting positions and was also a Director and Owner of National Spice Group which was later sold to the Bidvest Group.

Mr Odilon Ilunga is a Lecturer at the University of Namibia and has worked in the mining industry for over 17 years. A resident of Namibia, Mr Ilunga's career has been focused on the overseeing and managing of Mineral Processing Plants in the Democratic Republic of Congo and Namibia.

Larry Johnson, CEO of Kennedy Ventures, commented:

"Operations at the Mine continue at pace and the business remains in robust health with our shipments continuing to improve in quality; satisfying our Customer's stringent requirements.

Further customer interest is testament to the dedication and hard work of the team at the mine and could not have been done without the ongoing support and patience of our shareholders. We remain focused on and excited about our investment in Aftan and look forward to updating the market as further milestones are achieved through 2018."

Kennedy Ventures plc (c/o Camarco)	Tel: [phone]
Larry Johnson (CEO)
finnCap (Nominated Adviser and Joint broker) Christopher Raggett / Scott Mathieson / Anthony Adams (corporate finance) Simon Johnson (corporate broking)	Tel: [phone]
Shore Capital (Joint broker) Mark Percy / Toby Gibbs (corporate finance) Jerry Keen (corporate broking)	Tel: [phone]
Camarco (PR) Gordon Poole / James Crothers / Monique Perks	Tel: [phone]

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.

 

END

 

 

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