Noventa supplies tantalum -- a rare metal widely used to make consumer electronics -- & has so far invested over $65 million at Marropino. On Thursday, Noventa shares plunged 62 percent after it said it needed extra funds for the plant, but was unable to immediately quantify the costs.

Hopes to secure funds before end-July * Initiated talks regarding funding options
Mozambique-focused miner Noventa (NVTA.L) said it needs an additional $25 million to bring a brand new plant in to full operation, a day after uncertainty over the company's funding needs shaved  two-thirds off its market value.
The company, hit by unanticipated mechanical difficulties & exchange rate fluctuations, said it had initiated talks on how to raise the funds needed to bring the plant at Marropino, in to full operation.

Noventa hopes to secure the funds by the finish of next month, to finish commissioning of the new plant in the fourth quarter & designs to ramp-up production to the full annual rate of 600,000 pounds (272 tonnes) by year-end.

"Any delays experienced because 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 on Friday.

Shares in the company closed at 66 pence on Thursday, valuing the business at about 17.3 million pounds ($28.25 million). That was down from 171 pence on Wednesday as well as a 52-week high of 300 pence hit in January