Ironveld PLC – Interim results
Ironveld plc, the owner of a High Purity Iron, Vanadium and Titanium project located on the Northern Limb of the Bushveld Complex in Limpopo Province, South Africa is pleased to announce its interim results for the six months ended 31 December 2018.
Highlights
Operational and Financial
- Commenced a bulk sampling programme with a potential off-take partner, supplying sufficient tonnage to undertake a full kiln smelting test
- Successfully completed a placing in November 2018, raising £400,000 with the proceeds used to purchase equipment to process the Company’s magnetite ore in line with the specifications of the potential off-take partner
- Received a number of enquiries from potential industrial partners, who have carried out extensive due diligence
Post Period
- The potential off-taker concluded its metallurgical tests as part of the bulk sampling programme
- Discussions with the potential off-taker regarding the terms of the off-take agreement continue
- Successfully completed a placing in February 2019 of £1.1 million to strengthen the Company’s financial position
- The Company remains in detailed discussions with two potential industrial partners
Peter Cox, CEO, said:
“The Company has made significant progress towards securing a long term off-take agreement and is encouraged by the status of current discussions and the interest from potential development partners. We have a vast resource of High Purity Iron, Vanadium and Titanium in situ at the project, all three of which have strong demand markets, and we are hopeful that we can capitalise on the increasing demand for these high value materials through a commercial agreement.
“We thank our shareholders for their continued support and look forward to providing further updates as we make continued progress.”