Ironveld PLC FCF Acquisition and Further Progress Update (1398J)
December 09 2022 - 2:00AM
UK Regulatory
TIDMIRON
RNS Number : 1398J
Ironveld PLC
09 December 2022
Ironveld Plc
("Ironveld" or the "Company")
FCF Acquisition and Further Progress Update
Ironveld (AIM:IRON) is pleased to provide updates on the
acquisition of Ferrochrome Furnaces (Pty) Limited ("FCF"), the
refurbishment and start up of the smelters, and on the project.
Update on Acquisition of FCF
Closing of the acquisition of FCF remains subject to the
satisfaction of certain conditions which are progressing well and
relate to finalisation of particular documentation. The Company is
confident that the transaction will complete shortly and that there
is no impediment to planned operations.
Ironveld Smelting Update
Excellent progress continues to be made on the refurbishment and
start up of the Rustenburg smelter. As announced on 17 October
2022, first production was anticipated in Q1 2023 but Ironveld can
now confirm that the first of the smelter's three planned
operational furnaces is expected to be in operation within the
coming weeks, significantly ahead of the original schedule.
First sales of material from the smelter are now expected early
in 2023 and the second and third operational furnaces are
anticipated to both be in production by April 2023.
Ironveld Mining Update
Site establishment and preparatory groundworks within the Lapon
Licence area are now substantially complete and the mine will be
delivering ore to the smelter as planned later this month.
Power for both the Mining and Smelting operations is entirely
off grid and therefore not subject to the significant ESKOM "load
shedding" interruptions currently being experienced across South
Africa.
For further information, please contact:
Ironveld plc c/o BlytheRay
Martin Eales, Chief Executive Officer 020 7138 3204
finnCap (Nomad and Broker)
Christopher Raggett
Charlie Beeson 020 7220 0500
Turner Pope (Joint Broker)
Andy Thacker
James Pope 020 3657 0050
BlytheRay
Megan Ray
Tim Blythe 020 7138 3204
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
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END
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