Business
Interim Results and First Consignment Leaves Mine
Interim Results and First Consignment Leaves Mine.
About this update from Kazera Global Plc
[{"type":"text","content":"\n \nRNS Number : 6198T Kennedy Ventures PLC 31 March 2016 \n\n31 March 2016 \nKennedy Ventures plc\n \n \nKennedy Ventures plc\nInterim Results and First Consignment Leaves Mine\n \nKennedy Ventures plc (\"Kennedy Ventures\" or \"the Company\"), the AIM listed Investing Company which is focussed on tantalite production through its stake in African Tantalum (Pty) Limited (\"Aftan\"), which owns and manages the Tantalite Valley Mine (\"TVM\") in Namibia, is pleased to announce its unaudited interim results for the six months ended 31 December 2015 and the departure of the first shipment consignment of high grade Tantalite from TVM. \n \nHighlights:\n \nOperational\n \n· Kennedy Ventures successfully raised £1.4 million through a placing with the proceeds to be used towards bringing the Tantalite Valley Mine back into production, to conduct due diligence on other tantalite projects and for investment and working capital purposes\n \n· Investee company, Aftan: \n \no signed a long term Offtake agreement with a major leading manufacturer of electronic components to take the full production from the TVM under a long term offtake agreement\n \no successful and within budget commissioned its tantalite process plant at the TVM \n \no Obtained full explosives magazine licence to enable it to take delivery of, and store, explosives at the TVM.\n \n \nFinancial\n \n· At 31 December 2015 Cash at Bank amounted to £233,000 and, in addition with the investment in TVM, Property plant & equipment amounted to £1,027,000\n \n· Net Current Assets at 31 December 2015 amounted to £227,000 which is an improvement on the net current liability position at 30 June 2015 of £201,000\n \n· Overall Net Assets at 31 December 2015 amounted to £2,004,000 up from the 30 June 2015 balance of £646,000.\n \nPost Period\n \n· Aftan has fully prepared the blasting faces, with blasting now taking place at all four main adits of the Homestead deposit of the TVM\n· First shipment consign...