adminday after uncertainty over the company’s funding needs shaved nearly two-thirds off its market value.
The company, hit by unanticipated mechanical difficulties and exchange rate fluctuations, said it had initiated talks on how to raise the money needed to bring the plant at Marropino, into full operation.
Noventa supplies tantalum – a rare metal widely used to make consumer electronics – and has so far invested more than US$65 million at Marropino. Last week, Noventa shares plunged 62 percent after it said it needed more money for the plant, but was unable to immediately quantify the costs. Noventa hopes to secure the funds by the end of next month, to finish commissioning of the new plant in the fourth quarter and plans to ramp up production to the full annual rate of 272 tonnes by year-end. “Any delays experienced as a result of the funding gap are expected to be minimal if the additional funds are in place prior to mid-July 2011,” it said in a statement. – Reuters.
Online Reporter
- Herald
- June 6, 2026
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UK pledges to support Zim in UNSC
Zvamaida Murwira Senior Reporter THE United Kingdom has pledged to work with Zimbabwe when it takes up its United Nations Security Council non-permanent seat that it overwhelmingly won early this…
