23rd Nov 2015 10:48
LONDON (Alliance News) - Kennedy Ventures PLC on Monday said it expects sales to the offtake partner for the Tantalite Valley project to start in the final quarter of calendar 2015 as its pretax loss for the financial year to the end of June widened slightly.
Kennedy owns a 75% stake in African Tantalum Pty Ltd, which is working on the Tantalite Valley tantalite project in Namibia. Kennedy recently raised GBP1.4 million via a share issue, the proceeds from which will in part be used to bring Tantalite Valley into production.
Kennedy expects sales to the unnamed offtake partner to begin in the fourth quarter of 2015, with production due to ramp up over the course of 2016 and 2017.
The company's pretax loss for the year was GBP219,000, compared to GBP186,000 a year earlier, in line with higher administrative costs.
"We have made excellent progress over the year as we transform the company into a material producer of tantalum, a rare and valuable metal used in the production of electronic components and alloys," said Peter Hibberd, Kennedy's chief executive.
Shares in Kennedy were up 2.9% to 8.75 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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