Kennedy Ventures PLC Investee Company Operational Update (5338A)
March 27 2017 - 2:00AM
UK Regulatory
TIDMKENV
RNS Number : 5338A
Kennedy Ventures PLC
27 March 2017
27 March 2017
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 Tantalite
Valley Mine in Namibia ("TVM"), is pleased to provide an
operational update from TVM.
Highlights:
-- Successful visit to TVM by a leading manufacturer
of tantalum capacitors (the "Customer") as
well as Namibian Government officials, with
Aftan providing demonstrations of tantalum
recovery both at the plant and the product
room.
-- One metric tonne of product has been sold
by Aftan to the Customer and they have requested
an order of a further six metric tonnes for
delivery during the quarter to June as part
of a quality sampling programme.
-- Aftan's plant upgrades are progressing:
* A solar powered pump was installed to pre-fill the
main transfer dam, to reduce diesel usage and to
ensure the Plant Water Storage Systems are always
available via the Transfer Dam feed.
* Thickener has been mounted and is being commissioned,
which aims to reduce silt flowing to the main dam and
adding essential water storage capacity.
* Refurbished Crusher Jaws installed, allowing for
proper sizing during operations and to bring more
consistent feed to the circuit.
* Added Quality Measurement Systems to all sampling
points, allowing weekly reviews
-- A meeting between Aftan and local unions has
been successful, with full approval for an
extended shift granted.
-- Full commercial production at TVM is expected
to start in Q2
Aftan's Mine Operations
In mid-February the Customer visited TVM to assess the progress
that Aftan has made. Following the meeting, the Customer purchased
one metric tonne of end product for testing. The Customer has now
followed this initial purchase with a request for 6 metric tonnes
for the quarter to June 2017 as part of a quality sampling
programme to make certain the product suits their facilities and
requirements. Ultimately, subject to the product meeting the
Customer's required specifications, Aftan hopes to agree a
permanent offtake agreement with the Customer. Furthermore, the
Customer has introduced Aftan to the leading global tantalum powder
smelter from Germany. The Customer has indicated that it will
assist Aftan with developing this relationship.
Aftan has also successfully received approval from local unions
to extend the shift time from eight hours to twelve, starting in
the second week of April 2017, which is expected to allow
full-scale commercial production at the mine to begin
thereafter.
Plant Upgrades
As highlighted in the announcement of the 25(th) of January
2017, Aftan's plant has undergone a number of upgrades. The Company
has since been advised that the most recent progress has been as
follows:
-- A solar powered pump was installed to pre-fill
the main transfer dam, reducing diesel usage
and ensuring the Plant Water Storage Systems
are always available via the Transfer Dam
feed;
-- Thickener has also been mounted and is currently
being commissioned with an expected completion
by March end, which is expected to reduce
the silt to the main dam as well as adding
water storage and distribution to the circuit;
-- Three more James Tables have also been added,
improving the mines ability to improve customer
demand per specifications;
-- The Crusher Jaws have been refurbished and
are being commissioned, to allow proper sizing
during operations to bring more consistent
feed to the circuit; and
-- Quality Measurement systems have been added
to all sampling points, allowing for weekly
reviews.
Larry Johnson, CEO of Kennedy Ventures, commented:
"Aftan has made considerable progress in the year to date and is
now in a position of strength both at the operational level and
with onward sales. Aftan is confident that its product will meet
the Customer's quality and specification tests and its work this
calendar year means Aftan is now firmly positioned within a
world-class supply chain. I expect the time spent over the last 6
months by Kennedy and Aftan ensuring TVM's operations are upgraded
to the highest specification, to optimise output and quality - as
well as to ensure the TVM is operating efficiently and cost
effectively. In turn, we expect this will deliver value creation in
the near and long term as Aftan aims for full scale commercial
production in Q2 2017.
Aftan's management and I successfully met with the Namibian
Miners Union, getting full approval to implement an extended shift
from our current eight hours to twelve hours starting the second
week of April. This allows Aftan to better utilise its labour, 99%
of whom are Namibian, and provide for more wealth creation amongst
the local community."
Kennedy Ventures plc
Larry Johnson (CEO), c/o Tel: +44 (0)203 757
Camarco 4983
Grant Thornton UK LLP (Nominated Tel: +44 (0)20 7383
Adviser) 5100
Colin Aaronson
Richard Tonthat
Daniel Bush
Shore Capital (Broker) Tel: +44 (0) 207
Mark Percy / Toby Gibbs 408 4090
(corporate finance)
Jerry Keen (corporate broking)
Camarco (PR) Tel: +44 (0) 203
Gordon Poole 757 4980
Billy Clegg
James Crothers
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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