Kennedy Ventures to re-name and look for new projects after tantalum reboot

February 9, 2018

Tantalum miner Kennedy Ventures PLC (LON:KENV) expects its shares will return from suspension today with a name change to Kazera Global PLC planned for March.

The shares were suspended in December as Kennedy’s auditors were unable to sign off the accounts in AIM’s timeframe due to the complexity of consolidating its Namibian businesses and applying the IFRS standard.

Kennedy has a 75% stake in African Tantalum (Aftan), which operates the Namibian Tantalite Investment Mine (NTI).

Results for the year to June, published today, showed a loss of £1.1mln, though since then Kennedy has refinanced with a £3.75mln placing that was earmarked for drilling and an upgrade to the plant’s processing facilities.

A fourth shipment has now been made from the mine to its customer, said chief executive Larry Johnson, with purity of the shipment a high grade 51%.

Aftan has also now employed an exploration geologist, interim chief finance officer and senior metallurgist and is working with environmental groups on an upgrade to its tailings dam.

Kennedy said a charge of strategy is planned now that the initial ramp-up of its Namibian tantalum mine has been carried out, with the board to look for new projects in Africa.

This will be in a range of commodities, said the statement.

Johnson added: “Aftan, with Kennedy’s supervision, has taken significant positive strides during the period.

“The relationship with the leading global end user and subsequently signing a multiyear supply agreement is a major milestone and, this, accompanied by the successful upgrade of the plant, ensured that the Mine started to deliver some of the highest quality tantalum in the world.”