Kennedy Ventures PLC Investee Company Operational Update (0023K)
September 16 2016 - 1:00AM
UK Regulatory
TIDMKENV
RNS Number : 0023K
Kennedy Ventures PLC
16 September 2016
16 September 2016
Kennedy Ventures plc
Investee Company Operational Update
Kennedy Ventures plc ("Kennedy Ventures" or "the Company"), the
AIM quoted Investment Company, who through its investment in
African Tantalum (Pty) Limited ("Aftan") has an interest in the
Tantalite Valley Mine ("TVM") in Namibia, is pleased to announce
that it has been informed by Aftan that the plant upgrade program
at the Homestead Project ("Homestead") in the TVM is progressing as
per management expectations with completion anticipated on
schedule.
Mining operations have continued during the plant upgrade
programme, with development proceeding as expected and a sufficient
stockpile of 4,000 tonnes of ore is now available for the plant to
operate continuously.
The reorganisation of the plant modules has been completed
together with the improvement and upgrade of a number of those
modules. The milling circuit design is complete and the equipment
for the pre-concentrate ore has been designed, manufactured and
purchased. Installation is ongoing, with the plant upgrade
completion expected in Q2 2017. The plant upgrades are expected to
increase the plant capacity from 7,500 tonnes per month up to an
estimated 15,000 tonnes per month.
Aftan continues to assess the potential of the lepidolite
lithium deposit as well as the occurrence of lithium in the other
pegmatite bodies and both geological and metallurgical studies are
in an advanced position.
New General Manager:
Aftan has also appointed a new General Manager of operations. Mr
Renier Swiegers, a Namibian citizen, is an experienced engineer and
project manager who has a history of successfully delivering mining
projects on time and in-budget. Mr Siegers commenced duties at the
beginning of August and has made an immediate impact on the
operations, in particular the plant upgrade.
Giles Clarke, Chairman of Kennedy Ventures said:
"The plant upgrade is a vital part of Aftan's strategy to
enhance the mines efficiency, improve recoveries, increase
production capacity and extract the significant value from the mine
and surrounding ore bodies. It will also allow Aftan to potentially
enter the lithium market. We are very pleased with the progress
being made and we look forward to reporting on the completion of
the upgrade and Aftan's return to cashflow positive operations.
The addition of Renier Swiegers to the operations team has been
invaluable and he brings key skills at an important time as we
continue to support Aftan's investment in the project. We look
forward to his continued contribution.
Aftan's ongoing investigations into the lithium potential at
Tantalite Valley continue to be exciting and we look forward to
updating shareholders as this work progresses and Aftan provides
further updates."
The information contained within this announcement is considered
to be inside information, for the purposes of Article 7 of EU
Regulation 596/2014, prior to its release.
For further information on the Company, visit:
www.kvplc.com:
Kennedy Ventures plc
Peter Hibberd (CEO), c/o Tel: +44 (0)203 757
Gordon Poole 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) 207 408
Mark Percy / Toby Gibbs (corporate 4090
finance)
Jerry Keen (corporate broking)
Camarco (PR) Tel: +44 (0) 203 757
Gordon Poole 4980
Sean Blundell
This information is provided by RNS
The company news service from the London Stock Exchange
END
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