Multiyear Supply Agreement

RNS Number : 1861L

Kennedy Ventures PLC

17 July 2017

 

17 July 2017

Kennedy Ventures plc

Multiyear Supply Agreement

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 Tantalite Valley Mine in Namibia ("TVM"), is pleased to confirm that Aftan has signed a multiyear supply agreement with a global North American leading tantalum consumer and end user of our tantalum ore ("the Customer") as of 14 July 2017. 

During H1 CY17, Aftan with the consultation of Kennedy CEO Larry Johnson, has been implementing important upgrades, testing and adjustments to the plant, slowing down the production schedule to establish the optimal grade of concentrate from the plant. This has taken place in conjunction and discussion with the Customer with the objective of meeting their world class specifications. Aftan has booked sales to the Customer of 1 tonne and will be shipping 3 tonnes imminently. Aftan continues to work closely with the Customer and will do so through CY17 in a continued ramp up of deliverable tantalum ore.  The Customer's demand for Aftan's product continues to exceed current production. Accordingly, the Company intends to make additional required amendments to the plant which will provide critical upgrades and will put Aftan into a much stronger position and enable it to meet the Customer's demand.

Larry Johnson, CEO of Kennedy Ventures commented:

"We are very pleased to have secured a global leading tantalum consumer as a long-term partner and look forward to working closely with them as we continue to optimise the plant and deliver into the Customer's demand which continues to exceed current state production. Plant productivity is expected to increase periodically and sales also throughout CY17 and CY18."

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

 

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