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Market: AIM
Sector: General Mining - Rare Earth Minerals
EPIC: NVTA
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Noventa Limited
www.noventa.net
Deal Noventa Limited Tax Free* Losses can exceed
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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...

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Noventa chairman Eric Kohn to leave at end-September, non-exec Bechis takes interim role

September 29 2011, 9:50am While Noventa is looking for a replacement for outgoing chairman Eric Kohn, non-executive director Luca Bechis will assume the role of interim non-executive chairman from October 1.

Tantalum miner Noventa (LON:NVTA, TSE:NTA) announced that executive chairman Eric Kohn has resigned from his position and will be leaving the company with effect from September 30.

The board would like to wish him every success in his future endeavours and thanks him for his contribution to bringing the company out of care and maintenance, ensuring its survival in very difficult circumstances and moving it towards the construction and commissioning of the Marropino mine in Mozambique.

While Noventa is looking for a replacement, non-executive director Luca Bechis will assume the role of interim non-executive chairman from October 1 until a permanent chairman is appointed.

As previously announced, John Allan will also be stepping down from his current position as chief executive, which he assumed as on an interim basis in May 2011.  This will take effect from September 30 2011, after which he will return to his role of project pirector. Fernando Fernandez-Torres, currently chief operating officer, will become CEO with effect from October 1 2011. 

Since completion of the placing at the end of August which raised US$37.6 million, encouraging progress has been made regarding the construction and commissioning of the enhanced and expanded plant at the Marropino mine, and the new plant is on schedule, the group said. 

The new pipeline, to overcome the water shortages previously flagged, is due to commence pumping from the Melela river shortly.  In addition, production from the present plant continues as previously announced. Further updates regarding progress will be made in due course.

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