Investee Company Operational Update - Amendment

RNS Number : 7548J

Kennedy Ventures PLC

30 June 2017

 

30 June 2017

Kennedy Ventures plc

Correction: Investee Company Operational Update

The following amendment has been made to the CEO's quotation in the Investee Company Operational Update announcement released at 07:00 on 30 June 2017 under RNS No 6691J, to draw attention for the avoidance of doubt, to Aftan having now reached full scale production.

The full amended text is shown below.

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:

·   Following a successful visit to TVM by a leading manufacturer of tantalum capacitors (the "Customer") the Company booked its first sales from its shipment to the Customer of its high grade 48% Ta205, one of the highest grades reported from Tantalum mines globally. Further purchase orders have followed the first.

·    Six additional shaker Tables have been successfully installed and are operational, bringing the total up to eight shaker tables on site and running in the plant circuit. These tables remove impurities and increase Tantalum recoveries above 70% (previously c.50%)

·  Negotiations with the Miners Union have been highly successful and are now complete, increasing the working hours per day from 12 to 16

·     A Plant Preventative Maintenance Program study has been started aimed at increasing run time efficiencies through the establishment of Statistical Process Controls

Aftan's Mine Operation

Following the plant upgrades TVM now produces Tantalum to the highest specification to meet our Customer's demands as well as importantly meet the requirements under the Dodd Frank Act. Further successful meetings with the Customer has resulted in continued purchase orders in addition to sampling that has been distributed further into the supply chain. Aftan anticipates being in a position to execute a full long term Customer agreement over the coming months.

The Lithium project continues to advance with the completion of the third party SGS lab report showing grades from the initial bulk sampling above 1.5%. A site visit took place with the MSA Group who are producing the JORC report and it was determined further core sampling was required to allow an extended look at a much larger area to include the Homestead resources. This is very positive as this extends the potential lithium resource and assesses the Homestead which the Company is already mining Tantalum from, with stock piling of Lepidolite taking place from various visual veins. Aftan will continue reporting as further necessary data is compiled over the coming months. 

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. The efforts by Aftan over the last 6 months, together with Kennedy's consultation, to upgrade TVM's operations will deliver optimised output and product 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 with Aftan having now reached full scale production.

We are very pleased with Aftan's continually strengthening relationship with the Namibian Miners Union. The extended hours allows Aftan to better utilise its labour force, 99% of whom are Namibian, and provide for more wealth creation amongst the local community."

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.

 

END

 

 

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