13th Nov 2015 15:25
LONDON (Alliance News) - Kennedy Ventures PLC shares rose on Friday after it said press speculation about a deal recently signed by African Tantalum (Pty) Ltd, in which it holds a controlling stake, is not accurate.
Kennedy shares were up 21% to 8.60 pence per share on Friday afternoon.
Kennedy holds a 75% stake in African Tantalum, which operates a tantalite project in Namibia.
Recently, African Tantalum signed an offtake deal with a "major leading manufacturer of electronic components", whereby African Tantalum would sell all of the production from its operation to the manufacturer under a long-term deal.
Kennedy said the offtake deal is "at prices in line with the market".
On Friday, Kennedy said: "Following recent press coverage, the company can confirm that the commentary in relation to pricing does not accurately reflect the terms of the offtake agreement. Furthermore the confidentiality provisions contained in the offtake agreement prevent any further disclosure of the details of the agreement."
Kennedy did not state what press speculation it was addressing.
By Joshua Warner; [email protected]; @JoshAlliance
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