JOHANNESBURG (miningweekly.com) − Tantalum producer Noventa has renegotiated its offtake agreement with H C Starck, which agreed to pay between 27% and 36% more for tantalum until the end of 2013, the TSX- and Aim-listed miner said on Monday.
H C Starck also agreed to buy 29% more tantalum contained in concentrate at the increased price, which the miner could deliver at any time up to the end of 2014.
Meanwhile, Noventa announced that CFO Daniel Cassiano-Silva had resigned and that he would leave the company in November. Noventa is in the process of recruiting a replacement.
The miner recently announced the appointment of a new CEO, after Pat Lawless' sudden resignation in May. At the time, he was replaced by former CEO John Allan on an interim basis, but last month, Noventa named Fernando Fernandez-Torres as COO from August 1, and CEO-designate.
The Marropino mine is the group's most developed project.
Noventa stock gained as much as 12% in London on Monday to trade as high as 38.7p a share, before retreating to 36p a share by mid-morning.
The company shed over 70% of its market value in May after it announced it urgently needed to raise $25-million to complete the construction of a bigger plant at Marropino.