Ironveld PLC First Production at Smelter (1563M)
January 10 2023 - 2:00AM
UK Regulatory
TIDMIRON
RNS Number : 1563M
Ironveld PLC
10 January 2023
Ironveld Plc
("Ironveld" or the "Company")
First Production at Smelter
Ironveld is pleased to confirm that its subsidiary, Ironveld
Smelting, has completed refurbishment of the first of the three
furnaces at the Rustenburg smelter complex and has successfully
produced metal from the furnace, marking a transformational step in
the Company's development.
Highlights:
-- 'Cold Commissioning' of machinery and 'Hot Commissioning' of
the first furnace commenced in December 2022 and has now been
completed; and
-- Magnetite ore has been smelted into first marketable products
of titanium slag and High Purity Iron ("HPI").
-- Commissioning and mining processes ahead of schedule.
Martin Eales, CEO of Ironveld, commented:
"Our aim is to create a sustainable, socially and
environmentally responsible operation that will prove to be
rewarding for all stakeholders. Today's news that Ironveld Smelting
has successfully smelted ore into marketable metal products in the
first operating furnace is a fantastic achievement for the whole
Ironveld team. I would like to thank all of our staff for making
this happen in just over four months since we set foot on the
ground in Rustenburg to start work at the smelter.
We anticipate first revenues from initial production comfortably
in line with our original expectation of Q2 2023. We will be
issuing further updates as the phased recommissioning process at
Rustenburg continues."
First Production at Rustenburg Smelter
As announced in the Company's most recent Progress Update on 9
December 2022, the refurbishment work at the Rustenburg smelter
complex is proceeding well against the planned six-to-nine-month
schedule envisaged at the commencement of works.
During December 2022 'Cold Commissioning' of mechanical
equipment at the smelter was successfully completed, which has been
followed over the holiday period by 'Hot Commissioning' of the
first of three planned operating furnaces. The furnace has now
successfully smelted test quantities of magnetite ore in order to
produce HPI and titanium slag of marketable standard for the first
time. Initial analysis of the HPI confirms that it meets planned
quality and content specifications.
Next steps
In the coming weeks operations from the first furnace will be
tested and optimised and also be extended to include production of
vanadium slag, which requires a further processing step. First
production sales are still in line to be achieved by Q2 2023 as
planned.
The second and third furnaces at the smelter continue to be
refurbished and are both anticipated to be in production by April
2023. Once the three furnaces are fully operational, the complex
will be capable of processing approximately 40,000 tonnes of
Ironveld's magnetite ore per annum which, in turn, will provide the
following approximate quantities of finished products per annum:
20,000 tonnes of high purity iron; 190 tonnes of vanadium in slag;
and 3,800 tonnes of titanium in slag.
Photos of production from the first operational furnace can be
viewed on the Company's website: www.ironveld.com
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
NOTES TO EDITORS
Ironveld (IRON.LN) is the owner of Mining Rights over
approximately 28 kilometres of outcropping Bushveld magnetite with
a SAMREC compliant ore resource of some 56 million tons of ore
grading 1,12% V2O5, 68,6% Fe2O3 and 14,7% TiO2.
In 2022 Ironveld agreed to acquire and refurbish a smelter
facility in Rustenburg, South Africa, in which it can process its
magnetite ore into the marketable products of high purity iron,
titanium slag and vanadium slag.
Ironveld is an AIM traded company. For further information on
Ironveld please refer to www.ironveld.com .
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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