Kennedy Ventures PLC Multiyear Supply Agreement (1861L)
July 17 2017 - 2:00AM
UK Regulatory
TIDMKENV
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 Tel: +44 (0)203 757
Camarco 4983
finnCap (Nominated Adviser Tel: 44 (0)20 7220
and broker) 0500
Christopher Raggett / Scott
Mathieson / Anthony Adams
(corporate finance)
Simon Johnson (corporate
broking)
Shore Capital (Broker) Tel: +44 (0) 207
Mark Percy / Toby Gibbs (corporate 408 4090
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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