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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.

Website:
http://www.noventa.net/
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Address:
Super Sector:
General Mining - Rare Earth Minerals
Sector:
General Mining - Rare Earth Minerals
Industry:
EPIC / Symbols:
LON:NVTA
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*subject to change and depends on individual circumstances.

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Company Statement

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.

Noventa has a strong and experienced management team with a demonstrable track record. 

Noventa has long term off-take agreements in place for the sale of a substantial proportion of the tantalum concentrate expected to be produced from its existing operations.

Current Operations

Noventa’s mining assets are located in the Zambezia Province of North Eastern Mozambique. 

They include:

  • the Marropino mine
  • the Morrua mining concession
  • the Mutala mining concession
  • exploration licenses over land adjacent to the Morrua and Mutala concessions
  • an exploration icense in Ginama

 

 

Marropino

The Marropino mine is the Group’s most developed project and is located approximately 350km northeast of the provincial capital of Zambezia, Quelimane. Marropino is the only industrial scale tantalum mine in operation in Mozambique. Open pit mining using the conventional truck and shovel method is undertaken. An electrification programme to provide grid power to Marropino was completed in December 2009 / January 2010 and the Marropino mine was restarted in April 2010. The Group is in the final stages of construction of the new processing plant at Marropino which is expected to be fully commissioned during March 2012. The new plant is anticipated to be capable of producing 600,000 lbs contained tantalum per annum. The Marropino infrastructure has also been upgraded to allow the site to process material from the Group’s Morrua and Mutala concessions and provide the local hub for the Groups mining operations in Mozambique.

 

 

Morrua

The Morrua mining concession is situated around 40km from Marropino. This deposit is among the richest known tantalum deposits in Mozambique and consists of five lense-like pegmatites stacked on top of each other. Two conventional open pits are proposed to mine the pegamites. The Group intends to commence confirmatory geological test-work and pre-feasibility work at Morrua during Quarter 2-2012. Subject to satisfactory results from this work, appropriate market conditions and available financing (either through shareholder investment or debt arrangements), the Group intends to commence construction of a processing plant at Morrua in Quarter 4-2012. Additional funding of $60.0m is estimated to commence operations at Morrua although the Company is exploring alternatives to reduce this investment.

 

Mutala

The Mutala site is an exploration and mining project. The title areas at this site lie in the Alto Molocue District of the Zambezia Province approximately 175 km south of Nampula and north of Marropino and Morrua. The deposit is principally colluvial which should make mining relatively inexpensive using truck and shovel methods with limited blasting required.

 

Ginama

The Ginama title area is located approximately 60km south west of Marropino. Noventa has an exploration license for this site.

 

Management

Board of Directors

 

Luca Bechis (Non-Executive Director and interim Chairman)

Luca Bechis joined the board on as a non-executive director of the Company on 2 September 2011. Mr Bechis is a founding partner of Richmond Capital LLP, a London based FSA authorised investment management firm established in 2004. Prior to this, Mr Bechis was a partner at hedge fund Egerton Capital from 1997 to 2004 and a European equity analyst at Cazenove & Co from 1990 to 1997. Richmond Capital LLP is the investment advisor to Richmond Partners Master Fund (Cayman Islands), the largest shareholder of the Company. Mr. Bechis is acting as a non-executive director and interim chairman. He is a member of the Remuneration and Nomination Committee

 

Fernando Fernandez Torres (CEO)

Mr Fernandez-Torres, a qualified industrial engineer, has been involved in the mining industry for over 30 years, including over 20 years within Rio Tinto and 5 years within the Sibelco Group. More recently, he was the COO of two copper/cobalt mining projects in the Democratic Republic of Congo, the first controlled by AIM-quoted Nikanor PLC (subsequently acquired by Katanga Mining Limited), and the second by a joint venture between Glencore and local interests. Immediately prior to taking up his role with the Company, Mr Fernandez-Torres headed the project in northern Spain to reopen abandoned gold mines for TSX-listed Orvana Minerals Corp.

 

Thies Eggers (Non-Executive Director)

Mr Eggers is a qualified accountant and tax consultant in Germany, having joined Arthur Andersen in 1969, and rising to the position of Managing Partner at both their Munich (1979-1997) and Prague (1990-1993) offices. Since 1997 he has sat on the boards of a number of quoted and unquoted companies as well as undertaking a number of consultancy appointments. He is the Chairman of the Audit and Risk Committee


Dr. Joachim Martin (Non-Executive Director)

Dr. Martin is an expert in the field of tantalum and other rare metals. He was formerly General Manager; Raw Material Sourcing at H. C. Starck, one of the world’s leading rare metals companies and prior to that, the Manager of the H. C. Starck Goslar Plant. He now consults widely in the rare metals field and holds a PhD in Mineralogy and Economic Geology.He is a member of the Audit and Risk Committee and the Health, Safety, Environment & Community Committee

 

Management

 

Jose Luis Nunes de Barros (Chief Financial Officer)

José Luis Nunes de Barros Jr CISA (SA & UK), CFA (SA) and CIMA level IV* joined Noventa on 5 September 2011 as the Company’s Chief Financial Officer. He is a Portuguese and South African citizen and was born in Mozambique. He has been involved in the mining industry for over six years. Between 2006 to May 2010 he was involved in setting up, staffing and managing the finance and administration as well as the IT, logistics and camp security and management at the Moma titanium mine in Mozambique owned by Kenmare Resources Plc. From June 2010 to September 2011 he was responsible for the finance and administration in Mozambique for Resource Drilling Mozambique which is involved in drilling for Vale, Riversdale and Rio Tinto. Previous to the above appointments, he had extensive experience in South Africa and Asia in the pharmaceutical industry

 

Daniel Cassiano-Silva, BSc, MSc, ACA (Group controller and compliance officer)

Mr. Cassiano-Silva joined Noventa in January 2010 from Deloitte LLP in the United Kigndom, where he held the position of Senior Audit Manager. He held the position of CFO from 1 January 2010 and was based in Mozambique until the end of his initial contract. He has an in depth knowledge of the Group’s operations. He is a Chartered Accountant and bilingual in English and Portuguese.

Major Shareholders

Significant shareholders

Name
Number of
Ordinary Shares
Percentage
holding
Richmond Partners Master Limited 14,072,724 11.76%
Legal & General Investment Management 12,420,000 10.38%
Fidelity Investments 9,982,058 8.34%
Standard Life Investments 8,328,210 6.96%
Artemis Investment Management 7,455,000 6.23%
Highland African Ventures Limited # 3,968,653 3.32%

 

Updated from Noventa website 12.06.2012

  • Contact Information

    Noventa Third Floor  

    Mielles House 

    La Rue des Mielles 

    St Helier, Jersey 

    JE2 3QD

    Tel: +44 (0) 1534 869 403

    Fax: +44 (0) 1534 866 859

    Email: info@noventagroup.com

     

    FML Trust & Corporate Services Limited

    Tel: +44 (0) 1534 866 858

    Fax: +44 (0) 1534 866 859

    Email: companysecretary@noventa.net

     

    José Luis de Barros – Chief Financial Officer

    Tel: +258 21 485 340

    Fax: +258 21 485 343

    Mob: +258 84 390 1638

    Email: jlb@noventagroup.com

     

    Daniel Cassiano-Silva – Group Controller and Compliance Officer

    Tel: +44 (0) 1534 869 403

    Fax: +44 (0) 1534 866 859

    Mob: +44 (0) 7789 922 809

    Email: dcs@noventagroup.com

    Corporate Information

    Company Secretary

    FML Trust & Corporate Services Limited 

    Third Floor

    Mielles House

    La Rue des Mielles

    St Helier 

    Jersey

    JE2 3QD


    Nominated Advisor

    Allenby Capital Limited

    Claridge House

    32 Davies Street

    Mayfair

    London

    W1K 4ND

    United Kingdom

     

    Broker

    Allenby Capital Limited

    Claridge House

    32 Davies Street

    Mayfair

    London

    W1K 4ND

    United Kingdom

     

    Auditors

    Deloitte LLP 

    Global House

    The High Street

    Crawley

    West Sussex 

    RH10 1DL

     

    Registrars

    Computershare Investor Services (Jersey) Limited

    Queensway House 

    Hilgrove Street

    St Helier

    Jersey 

    JE1 1ES

     

    Computershare (Canada)

    100 University Ave

    8th Floor

    Toronto ON

    M5J 2Y1

    Canada

     

    Independent Adviser

    URS/Scott Wilson

    55 University Avenue

    Suite 501 Toronto

    Ontario

    M5J 2H7

    Canada

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