Kazera Global PLC Accelerating Tantalum Valley Operations (2984K)
01 Septembre 2021 - 8:00AM
UK Regulatory
TIDMKZG
RNS Number : 2984K
Kazera Global PLC
01 September 2021
Kazera Global plc
Accelerating Tantalum Valley Operations
Kazera Global plc, the AIM quoted investment company, is pleased
to report that the Board have now concluded a plan with DJ
Drilling, which they believe will lead to the profitable production
of Tantalum from its mine in Namibia before the end of 2021.
Highlights
-- Fixed price contract agreed with DJ Drilling for onsite construction works
-- DJ Drilling to take over day to day operation of mining activities on a contract basis
-- $11m investment still on track with both Namibian investors
Since moving onto site in June 2021, DJ Drilling have upgraded
roads and general infrastructure as well as conducting plant
maintenance. In line with their continued commitment to the Mine,
DJ Drilling have agreed with the Company a fixed price contract,
which will see the Mine be moved back into operation and producing
Tantalum with a target by the year end. DJ Drilling will then be
predominantly paid out of profits generated by the sale of
Tantalum.
Investment update
During the last few months, the Company has been constantly
updated by both prospective investors, both of whom remain
confident that they will be able to make their investments shortly
at the original investment level (circa 2.7 pence per share). Both
are awaiting the conclusion of other transactions and neither is
able to control the speed at which these bigger transactions come
to conclusion.
Both investors recognise the material value of the Tantalum
Valley Mine to Namibia and the immediate environ, and both remain
focused on completing their side of the existing agreements with
the Company. Once these funds are received they will substantially
accelerate the development of the Mine and further exploration into
both the Tantalum and Lithium deposits on site along with a Phase
lll Drilling Program to add further to our world class
resource.
Larry Johnson, Kazera Joint Chief Executive Officer,
commented:
"DJ Drilling committing to undertake the work to get the mine
into operation as well as their bringing in the necessary equipment
has unlocked the current impasse and is a true reflection of their
commitment to the project and their belief in its potential. We
look forward to a long and fruitful future together.
"Whilst we remain focused on the accelerated opportunities that
an investment of $11million would create, we are conscious that the
process has taken longer than anyone had originally contemplated as
a result of outside factors. Rather than continue to wait, the
Board have elected to move forward, albeit on a smaller scale, with
a view to accelerating operations at the Mine once the investments
come through and in a manner that is non-dilutive to existing
shareholders."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No. 596/2014 ('MAR').
For further information on the Company, visit: www. kazeraglobal
.com
Kazera Global plc (c/o Camarco) Tel: +44 (0)203 757 4980
Larry Johnson/Dennis Edmonds (Joint CEO's)
finnCap (Nominated Adviser and Joint Broker) Tel: +44 (0)207 220 0500
Christopher Raggett / Charlie Beeson (corporate
finance)
Camarco (PR)
Gordon Poole / James Crothers / Hugo Liddy Tel: +44 (0)20 3781 8331
**ENDS**
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END
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