Noventa
www.noventa.net/Description
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. The Jersey based Company's Marropino mine in Mozambique is currently under care and maintenance. The company is investigating how to reduce the cost of production before recommencing operations. This will be done using the existing plant with modifications or alternatively using an additional plant. The restart of operations is subject to funding having been secured.
Share Price
In-depth Noventa Proactive Investors Articles
Recent Noventa news
- 18/01/2010 Noventa finalizes restart plan for Marropino tantalum mine, still eyes production in March 2010
- 18/12/2009 Noventa confirms restart of Marrapino mine in Mozambique in March 2010
- 17/12/2009 Noventa To Hire Deloitte’s Daniel Cassiano-Silva as new CFO
- 16/10/2009 Tantalum miner Noventa raises £1.6 million through equity issue
- 14/10/2009 Tantalum junior Noventa raises £2.12 mln in placing and open offer
Related Media
Presentations & Company Media
Related Research & Media
No Documents available.
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.
The Jersey based Company's Marropino mine in Mozambique is currently under care and maintenance. The company is investigating how to reduce the cost of production before recommencing operations. This will be done using the existing plant with modifications or alternatively using an additional plant. The restart of operations is subject to funding having been secured.
Pure tantalum is characterised by its high melting point, its exceptional resistance to chemical attack, its capacity to store and release electrical charge and its corrosion resistance. These unique chemical properties have led to its widespread use in the electronics industry, mainly as powder and wire for capacitors in telecommunications devices and implantable medical devices. Tantalum also goes into the manufacture of super alloys, imparting strength and high-temperature resistance against cracking, for use in aerospace and energy generation.
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.
Noventa has a long term fixed price off-take agreement in place for sale of substantial proportion of tantalum concentrate produced from its existing operation.
Current Operations:
Noventa's mining assets are all located in the Zambezia Province of North Eastern Mozambique. They include the Marropino mine, the Morrua project, mining licenses over Marropino, Morrua and Mutala as well as exploration licenses over Morrua, Mutala, Ginama and Gile.
Marropino
The Marropino mine is the Group's most developed project and is located approximately 350km northeast of the provincial capital, Quelimane. To date Noventa has invested over $65 million at Marropino to create the only industrial scale tantalum mine in operation in Mozambique. Open pit mining using conventional truck and shovel method is undertaken.
An electrification programme to provide grid power to Marropino and Morrua has been initiated and is targeted for completion during the latter half of 2009.
Commercial quantities of Morganite are also mined at Marropino.
Morrua
The Morrua mine is situated just 40km from Marropino. A conventional open pit operation is proposed to mine the pegamite and a plant will be constructed to produce an intermediate concentrate. Maeterial will then be transported to Marropino where final beneficiation will take place.
Mutala
The Mutala site is an exploration and mining project which was previously mined on a small scale from the 1950’s to 1980’s. Following nationalization in 1979 and the onset of civil war, mining operations would become progressively more difficult until they were eventually abandoned in the mid 1980’s. 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.
Ginama
The Ginama title area is located approximately 60km south west of Marropino. Noventa has an exploration license for this site.
The Morrua mine is situated just 40km from Marropino. The mine is currently at an advanced engineering stage with construction planned for 2009. The Morrua processing plant is expected to produce approximately 450,000 pounds per year of tantalum concentrate over the estimated 10 year mine life.
A conventional open pit operation is proposed to mine the pegamite and a plant will be constructed to produce an intermediate concentrate. Material will then be transported to Marropino where final beneficiation will take place.
Management
Eric F. Kohn, TD, BSc, FCIM, FCMI, FInstD (Executive Chairman) Eric F. Kohn, born 1945, is a UK and Swiss citizen. He is a Fellow of the British Institute of Management, the Chartered Management Institute, the Chartered Institute of Marketing and Institute of Directors. He has had thirty years of experience in industrial marketing, manufacturing and management in Europe and the United States. In November 1987, he founded Barons Financial Services and has been the Managing Partner since its inception. Barons Financial Services specializes in a broad range of corporate finance and investment banking advisory services. Eric plays a leading role in the company, originating and executing transactions. John N Allan (Chief Executive Officer) Mr. Allan has extensive experience in project management across Europe, his breadth of expertise including regulatory risk, IT, and security. Since 2002 he has worked as project manager for UBS advising on various projects including establishing a premier investment bank in Eastern Europe. This task has seen him manage the creation of a new bank in Russia and the organisation of both facilities and administration in Ukraine and Kazakhstan. He has previously provided security consultancy in UK and internationally. Mr. Allan was a member of the planning team for the mergers of SG Warburg with Swiss Bank Corporation to form SBC Warburg and subsequently SBC Warburg with Union Bank of Switzerland to form UBS Warburg. He was responsible for the year 2000 project for Warburg Dillon Read and continues to manage International Projects. Martin Hinxman (Chief Financial Officer) Martin is a graduate of Rhodes University and is a member of the South African Institute of Chartered Accountants. He has in excess of 20 years experience in the manufacturing, heavy industrial and mining industries. He has worked in a senior executive role at Consolidated Metallurgical Industries Limited, JCI Limited, JCI Projects (Pty) Limited and MRI Criticare (Pty) Limited, before joining the Group in 2002. Timothy J . Griffiths (Non-Executive Director) Mr. Griffiths has 35 years experience in international finance. He is the Founder and an Executive Director of the Chescor Capital Group. His broad experience includes senior appointments as corporate financier and professional accountant. In the 1990s he created, structured and promoted international investment funds and managed accounts for the Chescor Group, which raised over US$750 million. He advised on a number of corporate finance assignments, including both recommended and hostile takeovers of public companies in the UK, as well as undertaking a large number of business valuations in connection with investments by equity funds and as part of M & A assignments. Mr. Griffiths is a Fellow of the Institute of Chartered Accountants in England & Wales, a Member of the Securities Institute, and registered in senior management, compliance and client facing capacities with the UK Financial Services Authority. In addition to the above, The key personnel within the Group that will be responsible for the operation and development of the business are: David Whitehouse, BSc (Hons) Mech Eng (Chief Operating Officer) David has 33 years experience of multi disciplinary project management and development, having been involved in the implementation of major projects from conception and feasibility study, through detail engineering and construction to completion. After 25 years in engineering contracting, David joined BHP Billiton in 2000 as Senior Manager, Project Management before moving to the Bateman Group in 2002 as Chief Operating Officer. David left Bateman at the end of 2003 to work as a consultant to the mining industry, including Noventa, before joining the Group in 2007. Andre joined the Group in March 2008 as the Administration Manager : Marropino Mine. In addition to being responsible for the day to day administration at the mine he is also responsible for overseeing the running of the Camp (i.e. canteen and accommodation), Security and the Clinic. Prior to Andre joining the Group he worked in the auditing profession as an independent business consultant. André is a registered member of the Institute for Administration and Commerce.
André de Goede, B.Compt, B.B, A (Hons), MBA (Acting Mine Manager)
(Read more about the Directors and Management at Noventa)
Major Shareholders
Significant shareholders Highland African Ventures Varroville Finance Limited Kerias Management Lochside International Noventa Employee Benefit Trust Metage Capital Gestrust SA Investec Trust (Guernsey) Lehman Brothers Mozambique Trust Directors Management and staff
Name
Ordinary
Shares
Percentage
holding
14,488,593
36.73%
2,638,830
6.69%
2,025,581
5.13%
1,765,415
4.48%
1,743,928
4.42%
1,616,716
4.10%
1,265,811
3.21%
1,229,235
3.12%
1,196,057
3.03%
810,232
2.05%
93,023
0.24%
Highland African Ventures Limited, Kerias Management Trading Limited and Mozambique Trust are connected shareholders who, together own 43.91% of Noventa's total issued share capital. There are no restrictions on the transfer of the company's AIM securities. As the company is incorporated in Jersey, the rights of shareholders may be different from the rights of shareholders in a UK incorporated company.
Shares not in public hands
So far as Noventa Limited is aware, the percentage of AIM securities in issue that is not in public hands is 48.57%
Contact Information
Noventa
Third Floor
Mielles House
La Rue des Mielles
St Helier
Jersey JE2 3QD
Channel Islands
Tel:+44 (0) 1534 869 403
Fax:+44 (0) 1534 866 859
Email:info@noventa.net
Company Secretary - Grange Corporate Services Limited
Tel:+44 (0) 1534 866 858
Fax:+44 (0) 1534 866 859
Email:corporatesecretary@noventa.net
Chief Financial Officer - Martin Hinxman
Tel: +27 11 823 1400
Fax: +27 11 826 4427
Mob: +27 83 653 6318
Email: martin.hinxman@noventa.net
Corporate Information
Nominated Advisor
Blomfield Corporate Finance Limited, 1-3 College Hill, London EC4R 2RA, United Kingdom
Broker
Religare Hichens, Harrison plc, Bell Court House, 11 Blomfield Street, London EC2M LB, United Kingdom
Company Secretary
Grange Corporate Services Limited, Third Floor, Mielles House, La Rue des Mielles, St Helier, Jersey, JE2 3QD, Channel Islands
UK Solicitors
Skadden, Arps, Slate, Meagher & Flom (UK ) LLP, 40 Bank Street, Canary Wharf, London E14 5DS, United Kingdom
Jersey Counsel
Carey Olsen, 47 Esplanade, St Helier, Jersey JE1 0BD, Channel Islands
South African Attorneys
Webber Wentzel Attorneys, 10 Fricker Road, Illovo Boulevard, Johannesburg, 2196, South Africa
Auditors
KMPG Inc, 85 Empire Road, Parktown, South Africa
Registrars
Capita Registrars (Jersey) Limited, PO Box 532, St Helier, Jersey, JE4 5UW, Channel Islands
