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Noventa reports narrowing full-year loss, and recovery is ‘well under way’

Last updated: 19:03 03 Feb 2011 AEDT, First published: 20:03 03 Feb 2011 AEDT

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Noventa (LON:NVTA,TSX:NTA) reported results for the year to end-December 2010, a period which saw the implementation of a new strategy and equity issues raising US$35.1 million which are being used be used to expand mining and processing capacity at the flagship Marropino tantalum mine in Mozambique.

Chairman Eric Kohn said: “I believe that the many achievements that we have recorded this year provide encouraging signs that our strategy is valid and our recovery plan is well under way."

The group narrowed its operating loss to US$9.5 million from US$10.6 million a year earlier.

Production is picking up. Only last week, Noventa announced the successful finish of the proving programme of tantalum concentrate shipments from Marropino.

The sixth and final proving shipment will be dispatched from the port of Nacala in Mozambique to the USA on or around February 3 2011.

All future shipments are expected to be at production scale following the introduction of the interim comminution that is expected to be installed ahead of schedule during February 2011.

Prior to April 2009, shipments made their way by road to Walvis Bay in Namibia, approximately circa 3,900 kilometres and 7-10 days from the Marropino mine, and were subject to frequently unreliable shipping movements that added delay and cost to the delivery.

The company set out to use Mozambique's small but modern and efficient ports to reduce the shipping time.  The port of Nacala is 600 kilometres from Marropino and overland transport there takes approximately six and a half hours.

“I look forward to a year of further progress as we move into substantially increased and profitable production,” the chairman added.

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