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<description><![CDATA[<p>Shares in Noventa (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html" class="companyPopupTrigger" rel="1155">LON:NVTA</a>) were hit by news that the group is looking at raising between US$10 and US$13 million to close a funding gap that may arise due to ongoing issues at its flagship Marropino tantalum mine in Mozambique.<br /><br />The share price plummeted in response to the statement, and by 12.02, Noventa was trading at 9.15 pence, down 36.3 per cent on the day.<br /><br />While production in March is showing marginal signs of improvement over the previous months, the level remains below target, thus sales of the mine’s product, tantalum pentoxide (Ta2O5), is not bringing in as much revenue as planned.<br /><br />In addition to that, the fallout from a heavy storm hitting the site last month means that Phase 2 commissioning of the new, bigger production plant will slip into April and not occur this month, as was initially planned. <br /><br />The full ramp-up of production to optimum capacity is now expected to be complete early in the fourth quarter of 2012, rather than the third quarter as previously flagged.<br /><br />Noventa has identified a number of operational issues at the site that need to be addressed in order to avoid further production downtime that has hampered Marropino since the fourth quarter of 2011. These issues concern the supply of water and electricity to the site, as well as a shortage of qualified personnel.<br /><br />As a result of the lower than forecast rates of production of Ta2O5, the delays in commissioning and the ramp-up of production, and the operational matters that require corrective action, Noventa believes it needs to raise a further US$10-13 million to alleviate the constraint on its forecast working capital position.<br /><br />Chairman Luca Cechis has indicated to the board that largest shareholder Richmond Capital LLP, of which he is a founding partner, may be willing to underwrite a fund raising. <br /><br />The board plans to start detailed discussions with Richmond Capital and will also review other options.<br /> <br />Noventa will make a further announcement in due course.</p> ]]></description>
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<description><![CDATA[<p>Noventa (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html"></a><a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html"><a href="/companies/overview/1155/noventa-limited-1155.html">LON:NVTA</a></a>, TSE:NTA) is focusing on reducing its costs after a quarter that saw the Mozambique-focused tantalum miner ramp up production by 23 per cent.</p>
<p>Reporting results for the three months to September 30, Noventa’s new chief executive officer, Fernando Fernandez-Torres, said that he was in the process of reviewing the firm’s business plan and budget for 2012 with the aim of reducing costs. Fernandez-Torres said that he is also re-evaluating the investment required to develop the firm’s Morrua asset, which boasts double the parts per million of tantalum concentrate of its existing producing mine at Marropino, “with a view to make a less intensive capital project than initially anticipated”.</p>
<p>During the quarter, Noventa achieved production of 38,903 pounds of tantalum pentoxide – a 23 per cent increase on Q2 2011 and more than double Q1 2011 production. For the first nine months of the year, production at its Marropino plant amounted to 86,633 pounds.</p>
<p>The construction of a new processing plant at Marropino is “well advanced” and only slightly behind schedule, said the firm, which expects production to ramp up to 600,000 pounds of tantalum pentoxde during 2012.</p>
<p>Noventa said that a previously reported water problem at Marropino has now been resolved with the installation of a pumping station and water pipeline. The solution has been tested and “will provide long term security of the process water supply irrespective of the weather conditions”.</p>
<p>Meanwhile, the firm has recommenced shipping to its client in Thailand using normal shipping routes. Currently, Noventa has 72,500 pounds of tantalum pentoxide ready for final blending that it anticipates will be shipped during this quarter.</p>
<p>The firm also announced today that it had made an annual interest saving of US$763,000 as a result of the redemption of convertible preference shares.</p>]]></description>
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<p>During the quarter, Noventa achieved production of 38,903 pounds of tantalum pentoxide – a 23 per cent increase on Q2 2011 and more than double Q1 2011 production. For the first nine months of the year, production at its Marropino plant amounted to 86,633 pounds.</p>
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<p>The firm also announced today that it had made an annual interest saving of US$763,000 as a result of the redemption of convertible preference shares.</p>",
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<description><![CDATA[<p>Noventa (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html"></a><a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html"><a href="/companies/overview/1155/noventa-limited-1155.html">LON:NVTA</a></a>, TSE:NTA) is focusing on reducing its costs after a quarter that saw the Mozambique-focused tantalum miner ramp up production by 23 per cent.</p>
<p>Reporting results for the three months to September 30, Noventa’s new chief executive officer, Fernando Fernandez-Torres, said that he was in the process of reviewing the firm’s business plan and budget for 2012 with the aim of reducing costs. Fernandez-Torres said that he is also re-evaluating the investment required to develop the firm’s Morrua asset, which boasts double the parts per million of tantalum concentrate of its existing producing mine at Marropino, “with a view to make a less intensive capital project than initially anticipated”.</p>
<p>During the quarter, Noventa achieved production of 38,903 pounds of tantalum pentoxide – a 23 per cent increase on Q2 2011 and more than double Q1 2011 production. For the first nine months of the year, production at its Marropino plant amounted to 86,633 pounds.</p>
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<description><![CDATA[<p>Shares in Noventa (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html" class="companyPopupTrigger" rel="1155">LON:NVTA</a>) were hit by news that the group is looking at raising between US$10 and US$13 million to close a funding gap that may arise due to ongoing issues at its flagship Marropino tantalum mine in Mozambique.<br /><br />The share price plummeted in response to the statement, and by 12.02, Noventa was trading at 9.15 pence, down 36.3 per cent on the day.<br /><br />While production in March is showing marginal signs of improvement over the previous months, the level remains below target, thus sales of the mine’s product, tantalum pentoxide (Ta2O5), is not bringing in as much revenue as planned.<br /><br />In addition to that, the fallout from a heavy storm hitting the site last month means that Phase 2 commissioning of the new, bigger production plant will slip into April and not occur this month, as was initially planned. <br /><br />The full ramp-up of production to optimum capacity is now expected to be complete early in the fourth quarter of 2012, rather than the third quarter as previously flagged.<br /><br />Noventa has identified a number of operational issues at the site that need to be addressed in order to avoid further production downtime that has hampered Marropino since the fourth quarter of 2011. These issues concern the supply of water and electricity to the site, as well as a shortage of qualified personnel.<br /><br />As a result of the lower than forecast rates of production of Ta2O5, the delays in commissioning and the ramp-up of production, and the operational matters that require corrective action, Noventa believes it needs to raise a further US$10-13 million to alleviate the constraint on its forecast working capital position.<br /><br />Chairman Luca Cechis has indicated to the board that largest shareholder Richmond Capital LLP, of which he is a founding partner, may be willing to underwrite a fund raising. <br /><br />The board plans to start detailed discussions with Richmond Capital and will also review other options.<br /> <br />Noventa will make a further announcement in due course.</p> ]]></description>
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<description><![CDATA[<p>Noventa (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html"></a><a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html"><a href="/companies/overview/1155/noventa-limited-1155.html">LON:NVTA</a></a>, TSE:NTA) is focusing on reducing its costs after a quarter that saw the Mozambique-focused tantalum miner ramp up production by 23 per cent.</p>
<p>Reporting results for the three months to September 30, Noventa’s new chief executive officer, Fernando Fernandez-Torres, said that he was in the process of reviewing the firm’s business plan and budget for 2012 with the aim of reducing costs. Fernandez-Torres said that he is also re-evaluating the investment required to develop the firm’s Morrua asset, which boasts double the parts per million of tantalum concentrate of its existing producing mine at Marropino, “with a view to make a less intensive capital project than initially anticipated”.</p>
<p>During the quarter, Noventa achieved production of 38,903 pounds of tantalum pentoxide – a 23 per cent increase on Q2 2011 and more than double Q1 2011 production. For the first nine months of the year, production at its Marropino plant amounted to 86,633 pounds.</p>
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<p>Noventa said that a previously reported water problem at Marropino has now been resolved with the installation of a pumping station and water pipeline. The solution has been tested and “will provide long term security of the process water supply irrespective of the weather conditions”.</p>
<p>Meanwhile, the firm has recommenced shipping to its client in Thailand using normal shipping routes. Currently, Noventa has 72,500 pounds of tantalum pentoxide ready for final blending that it anticipates will be shipped during this quarter.</p>
<p>The firm also announced today that it had made an annual interest saving of US$763,000 as a result of the redemption of convertible preference shares.</p>]]></description>
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<p>Reporting results for the three months to September 30, Noventa’s new chief executive officer, Fernando Fernandez-Torres, said that he was in the process of reviewing the firm’s business plan and budget for 2012 with the aim of reducing costs. Fernandez-Torres said that he is also re-evaluating the investment required to develop the firm’s Morrua asset, which boasts double the parts per million of tantalum concentrate of its existing producing mine at Marropino, “with a view to make a less intensive capital project than initially anticipated”.</p>
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<description><![CDATA[<p>Shares in Noventa (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html" class="companyPopupTrigger" rel="1155">LON:NVTA</a>) were hit by news that the group is looking at raising between US$10 and US$13 million to close a funding gap that may arise due to ongoing issues at its flagship Marropino tantalum mine in Mozambique.<br /><br />The share price plummeted in response to the statement, and by 12.02, Noventa was trading at 9.15 pence, down 36.3 per cent on the day.<br /><br />While production in March is showing marginal signs of improvement over the previous months, the level remains below target, thus sales of the mine’s product, tantalum pentoxide (Ta2O5), is not bringing in as much revenue as planned.<br /><br />In addition to that, the fallout from a heavy storm hitting the site last month means that Phase 2 commissioning of the new, bigger production plant will slip into April and not occur this month, as was initially planned. <br /><br />The full ramp-up of production to optimum capacity is now expected to be complete early in the fourth quarter of 2012, rather than the third quarter as previously flagged.<br /><br />Noventa has identified a number of operational issues at the site that need to be addressed in order to avoid further production downtime that has hampered Marropino since the fourth quarter of 2011. These issues concern the supply of water and electricity to the site, as well as a shortage of qualified personnel.<br /><br />As a result of the lower than forecast rates of production of Ta2O5, the delays in commissioning and the ramp-up of production, and the operational matters that require corrective action, Noventa believes it needs to raise a further US$10-13 million to alleviate the constraint on its forecast working capital position.<br /><br />Chairman Luca Cechis has indicated to the board that largest shareholder Richmond Capital LLP, of which he is a founding partner, may be willing to underwrite a fund raising. <br /><br />The board plans to start detailed discussions with Richmond Capital and will also review other options.<br /> <br />Noventa will make a further announcement in due course.</p> ]]></description>
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<description><![CDATA[<p>Noventa (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html"></a><a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html"><a href="/companies/overview/1155/noventa-limited-1155.html">LON:NVTA</a></a>, TSE:NTA) is focusing on reducing its costs after a quarter that saw the Mozambique-focused tantalum miner ramp up production by 23 per cent.</p>
<p>Reporting results for the three months to September 30, Noventa’s new chief executive officer, Fernando Fernandez-Torres, said that he was in the process of reviewing the firm’s business plan and budget for 2012 with the aim of reducing costs. Fernandez-Torres said that he is also re-evaluating the investment required to develop the firm’s Morrua asset, which boasts double the parts per million of tantalum concentrate of its existing producing mine at Marropino, “with a view to make a less intensive capital project than initially anticipated”.</p>
<p>During the quarter, Noventa achieved production of 38,903 pounds of tantalum pentoxide – a 23 per cent increase on Q2 2011 and more than double Q1 2011 production. For the first nine months of the year, production at its Marropino plant amounted to 86,633 pounds.</p>
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<p>Noventa said that a previously reported water problem at Marropino has now been resolved with the installation of a pumping station and water pipeline. The solution has been tested and “will provide long term security of the process water supply irrespective of the weather conditions”.</p>
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<description><![CDATA[<p>Shares in Noventa (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html" class="companyPopupTrigger" rel="1155">LON:NVTA</a>) were hit by news that the group is looking at raising between US$10 and US$13 million to close a funding gap that may arise due to ongoing issues at its flagship Marropino tantalum mine in Mozambique.<br /><br />The share price plummeted in response to the statement, and by 12.02, Noventa was trading at 9.15 pence, down 36.3 per cent on the day.<br /><br />While production in March is showing marginal signs of improvement over the previous months, the level remains below target, thus sales of the mine’s product, tantalum pentoxide (Ta2O5), is not bringing in as much revenue as planned.<br /><br />In addition to that, the fallout from a heavy storm hitting the site last month means that Phase 2 commissioning of the new, bigger production plant will slip into April and not occur this month, as was initially planned. <br /><br />The full ramp-up of production to optimum capacity is now expected to be complete early in the fourth quarter of 2012, rather than the third quarter as previously flagged.<br /><br />Noventa has identified a number of operational issues at the site that need to be addressed in order to avoid further production downtime that has hampered Marropino since the fourth quarter of 2011. These issues concern the supply of water and electricity to the site, as well as a shortage of qualified personnel.<br /><br />As a result of the lower than forecast rates of production of Ta2O5, the delays in commissioning and the ramp-up of production, and the operational matters that require corrective action, Noventa believes it needs to raise a further US$10-13 million to alleviate the constraint on its forecast working capital position.<br /><br />Chairman Luca Cechis has indicated to the board that largest shareholder Richmond Capital LLP, of which he is a founding partner, may be willing to underwrite a fund raising. <br /><br />The board plans to start detailed discussions with Richmond Capital and will also review other options.<br /> <br />Noventa will make a further announcement in due course.</p> ]]></description>
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<description><![CDATA[<p>Noventa (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html"></a><a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html"><a href="/companies/overview/1155/noventa-limited-1155.html">LON:NVTA</a></a>, TSE:NTA) is focusing on reducing its costs after a quarter that saw the Mozambique-focused tantalum miner ramp up production by 23 per cent.</p>
<p>Reporting results for the three months to September 30, Noventa’s new chief executive officer, Fernando Fernandez-Torres, said that he was in the process of reviewing the firm’s business plan and budget for 2012 with the aim of reducing costs. Fernandez-Torres said that he is also re-evaluating the investment required to develop the firm’s Morrua asset, which boasts double the parts per million of tantalum concentrate of its existing producing mine at Marropino, “with a view to make a less intensive capital project than initially anticipated”.</p>
<p>During the quarter, Noventa achieved production of 38,903 pounds of tantalum pentoxide – a 23 per cent increase on Q2 2011 and more than double Q1 2011 production. For the first nine months of the year, production at its Marropino plant amounted to 86,633 pounds.</p>
<p>The construction of a new processing plant at Marropino is “well advanced” and only slightly behind schedule, said the firm, which expects production to ramp up to 600,000 pounds of tantalum pentoxde during 2012.</p>
<p>Noventa said that a previously reported water problem at Marropino has now been resolved with the installation of a pumping station and water pipeline. The solution has been tested and “will provide long term security of the process water supply irrespective of the weather conditions”.</p>
<p>Meanwhile, the firm has recommenced shipping to its client in Thailand using normal shipping routes. Currently, Noventa has 72,500 pounds of tantalum pentoxide ready for final blending that it anticipates will be shipped during this quarter.</p>
<p>The firm also announced today that it had made an annual interest saving of US$763,000 as a result of the redemption of convertible preference shares.</p>]]></description>
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"description" => "<p>Noventa (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html"></a><a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html"><a href="/companies/overview/1155/noventa-limited-1155.html">LON:NVTA</a></a>, TSE:NTA) is focusing on reducing its costs after a quarter that saw the Mozambique-focused tantalum miner ramp up production by 23 per cent.</p>
<p>Reporting results for the three months to September 30, Noventa’s new chief executive officer, Fernando Fernandez-Torres, said that he was in the process of reviewing the firm’s business plan and budget for 2012 with the aim of reducing costs. Fernandez-Torres said that he is also re-evaluating the investment required to develop the firm’s Morrua asset, which boasts double the parts per million of tantalum concentrate of its existing producing mine at Marropino, “with a view to make a less intensive capital project than initially anticipated”.</p>
<p>During the quarter, Noventa achieved production of 38,903 pounds of tantalum pentoxide – a 23 per cent increase on Q2 2011 and more than double Q1 2011 production. For the first nine months of the year, production at its Marropino plant amounted to 86,633 pounds.</p>
<p>The construction of a new processing plant at Marropino is “well advanced” and only slightly behind schedule, said the firm, which expects production to ramp up to 600,000 pounds of tantalum pentoxde during 2012.</p>
<p>Noventa said that a previously reported water problem at Marropino has now been resolved with the installation of a pumping station and water pipeline. The solution has been tested and “will provide long term security of the process water supply irrespective of the weather conditions”.</p>
<p>Meanwhile, the firm has recommenced shipping to its client in Thailand using normal shipping routes. Currently, Noventa has 72,500 pounds of tantalum pentoxide ready for final blending that it anticipates will be shipped during this quarter.</p>
<p>The firm also announced today that it had made an annual interest saving of US$763,000 as a result of the redemption of convertible preference shares.</p>",
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<title><![CDATA[News - Noventa focuses on costs as it ramps up production ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/35149/noventa-focuses-on-costs-as-it-ramps-up-production-35149.html</link>
<description><![CDATA[<p>Noventa (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html"></a><a href="http://www.proactiveinvestors.co.uk/companies/overview/1155/noventa-limited-1155.html"><a href="/companies/overview/1155/noventa-limited-1155.html">LON:NVTA</a></a>, TSE:NTA) is focusing on reducing its costs after a quarter that saw the Mozambique-focused tantalum miner ramp up production by 23 per cent.</p>
<p>Reporting results for the three months to September 30, Noventa’s new chief executive officer, Fernando Fernandez-Torres, said that he was in the process of reviewing the firm’s business plan and budget for 2012 with the aim of reducing costs. Fernandez-Torres said that he is also re-evaluating the investment required to develop the firm’s Morrua asset, which boasts double the parts per million of tantalum concentrate of its existing producing mine at Marropino, “with a view to make a less intensive capital project than initially anticipated”.</p>
<p>During the quarter, Noventa achieved production of 38,903 pounds of tantalum pentoxide – a 23 per cent increase on Q2 2011 and more than double Q1 2011 production. For the first nine months of the year, production at its Marropino plant amounted to 86,633 pounds.</p>
<p>The construction of a new processing plant at Marropino is “well advanced” and only slightly behind schedule, said the firm, which expects production to ramp up to 600,000 pounds of tantalum pentoxde during 2012.</p>
<p>Noventa said that a previously reported water problem at Marropino has now been resolved with the installation of a pumping station and water pipeline. The solution has been tested and “will provide long term security of the process water supply irrespective of the weather conditions”.</p>
<p>Meanwhile, the firm has recommenced shipping to its client in Thailand using normal shipping routes. Currently, Noventa has 72,500 pounds of tantalum pentoxide ready for final blending that it anticipates will be shipped during this quarter.</p>
<p>The firm also announced today that it had made an annual interest saving of US$763,000 as a result of the redemption of convertible preference shares.</p>]]></description>
<pubDate>Thu, 03 Nov 2011 07:41:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/35149/noventa-focuses-on-costs-as-it-ramps-up-production-35149.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - 3rd Quarter Results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111103nvta4009r/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 03 Nov 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111103nvta4009r/</guid>
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Reporting results for the three months to September 30, Noventa’s new chief executive officer, Fernando Fernandez-Torres, said that he was in the process of reviewing the firm’s business plan and budget for 2012 with the aim of reducing costs. Fernandez-Torres said that he is also re-evaluating the investment required to develop the firm’s Morrua asset, which boasts double the parts per million of tantalum concentrate of its existing producing mine at Marropino, “with a view to make a less intensive capital project than initially anticipated”.
During the quarter, Noventa achieved production of 38,903 pounds of tantalum pentoxide – a 23 per cent increase on Q2 2011 and more than double Q1 2011 production. For the first nine months of the year, production at its Marropino plant amounted to 86,633 pounds.
The construction of a new processing plant at Marropino is “well advanced” and only slightly behind schedule, said the firm, which expects production to ramp up to 600,000 pounds of tantalum pentoxde during 2012.
Noventa said that a previously reported water problem at Marropino has now been resolved with the installation of a pumping station and water pipeline. The solution has been tested and “will provide long term security of the process water supply irrespective of the weather conditions”.
Meanwhile, the firm has recommenced shipping to its client in Thailand using normal shipping routes. Currently, Noventa has 72,500 pounds of tantalum pentoxide ready for final blending that it anticipates will be shipped during this quarter.
The firm also announced today that it had made an annual interest saving of US$763,000 as a result of the redemption of convertible preference shares.
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