Noventa Limited ("Noventa" or the "Company") - Shipment of Tantalum

TORONTO, Jan. 31 /CNW/ - Noventa (AIM: NVTA, TSX: NTA), the Mozambican miner and producer of tantalum concentrate, is pleased to announce the successful completion of its proving programme of tantalum concentrate shipments.

The sixth and final proving shipment will be dispatched from the port of Nacala in Mozambique (circa 600km and 6.5 hours from the Marropino mine) to the USA on or around 3 February 2011.  All future shipments are expected to be at production scale following the introduction of the interim comminution circuit (see the previous announcement of 15 December 2010) that is expected to be installed ahead of schedule during February 2011.

Prior to April 2009, shipments made their way by road to Walvis Bay in Namibia (circa 3,900km and 7-10 days from the Marropino mine) and were subject to frequently unreliable shipping movements that added delay and cost to the delivery; the Company set out to use Mozambique's small but modern and efficient ports to reduce the shipping time.

The proving programme was designed to test shipping and export processes, to examine the main and alternative shipping routes and to confirm that the Company had the appropriate approvals and licences to ship its material to its customers efficiently, and within the appropriate laws and regulations of the countries through which the shipment passes. Following successful completion of this programme, the Company now has a tested, proven and robust shipping process and procedure.

Chairman Eric Kohn commented: "Shipping tantalum concentrate from the Company's operational mine at Marropino to its clients' processing plants around the world is necessarily complex. Given, the nature of the material and the need to comply with a host of complicated procedures, we are extremely pleased to have stress tested and finalised a process of tantalum concentrate shipment  that will allow us to swiftly and economically deliver our product to consumers as we look to ramp up our production in the near future".

SOURCE Noventa Limited

For further information:

Eric F. Kohn TD
Chairman
Noventa Limited
+41 22 8500560
+41 79 5030150
www.noventa.net

Nick Harriss/Emily Staples
Religare Capital Markets (Nomad)
+44 20 7444 0800 

Andrew Chubb/Kit Stephenson
Canaccord Genuity Limited (Joint Broker):
+44 20 7050 6500

Daniel Briggs
Religare Capital Markets (Joint Broker)
+44 20 7444 0500

Organization Profile

Noventa Limited

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890