Cash raised from share issue by Noventa to be invested in Mozambique

24 March 2011

Jersey, United Kingdom, 24 March – The US$11 million raised by mining company Noventa from issuing convertible shares will be invested in acquiring equipment and modernising its tantalum mine in Marropino, in Mozambique’s Zambézia province, the Jersey-based company said in a statement issued Monday.

In a statement, the company’s chairman Eric Kohn said that, “the executive team and I are going to do all we can to achieve the rapid modernization of the Marropino mine in order to reach the production target of 600,000 pounds in weight per year.”

The shares had a nominal price of 1 pound sterling each and can be converted into ordinary shares at any time.

In 2010, Noventa announced plans to modernize the Marropino mine in order to increase production of tantalum, a mineral that is used in smartphones, portable computers and in the blades of jet engines. (macauhub)