Noventa's strategy is to be the world's largest, low cost industrial scale supplier of tantalum concentrate, a rare speciality metal widely used in the consumer electronics industry. There is currently a shortage of tantalum supply and stock levels in the industry are being run down. Noventa is in a unique position to expand production to meet the industries needs.
The Jersey based Company's Marropino mine in Mozambique resumed production in April 2010, and the Company has now embarked on a Strategic Plan which it believes will build the foundations of a long-term, profitable, cash generative and sustainable business.
Noventa Uncovers Exciting New Tantalum Deposit
Miner Noventa (LON:NVTA) today told investors that it had uncovered what could be a "significant additional deposit of Tantalum bearing ore on its existing Marropino licence area" (Mozambique).
The discovery is part of Project Ligonha, announced on June 23.
Chairman Eric Kohn said: "This discovery is very encouraging.
"Once we have independently evaluated the results from the preliminary sampling, a further sampling programme will be planned to accurately define the shape, potential tonnages and grades of the discovery.
"This has the potential to form a significant addition to the existing mineral resource, extending the life of Marropino."
Project Ligonha - a three month project - was conceived to complete the preliminary geological evaluation of Noventa's current mining concessions and to provide improved mapping of the firm's exploration license areas in Zambezia Province of Mozambique.
The company said that the discovery is an area of soft rock -approximately one kilometre square, located two kilometres to the south east of the Marropino Mine.
It added that indications from initial sampling have been encouraging.
Independent assays have been instructed and a further announcement will be made once they are complete. If the find is confirmed, it is expected that this could provide up to twelve months of feedstock for the Marropino plant at the full anticipated production level of more than 500,000lbs of tantalum pentoxide per annum.
This week Noventa reported good news from its flagship Marropino mine as it announced an earlier than expected shipment of tantalum to one of the company’s two key customers.
Production from the Marropino mine has so far been at higher than expected levels, which enabled the company to make the earlier than planned delivery.
The 8,000 kilogrammes of tantalum is set to leave the Qualimane port in Mozambique on August 24. The shipment is expected to confirm logistics pathway for future shipments as well as revise and adjust shipping routes and procedures ahead of the commencement of full production at Marropino in 2011.
Back in July, Noventa reported that tantalum recovery at Marropino had increased significantly over historic levels, reaching 51%.
Before May 2009, the mine achieved recovery rates between 30% and 35%.
The mine re-started operations in April 2010, after spending just under a year on care-and-maintenance.