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LONDON (Alliance News) - Ironveld PLC on Friday said it anticipates reaching a long-term agreement with a potential off-take partner in the next three weeks, as it has delivered ore samples from its South African project for testing.
The stock was trading 27% higher on Friday at 2.25 pence a share.
Ironveld is the owner of a iron, vanadium and titanium project, located on the Northern Limb of the Bushveld complex in Limpopo Province, South Africa.
At the end of September, Ironveld began supplying 10,000 tons of ore to an undisclosed company, which is a unit of an international steel group.
Ironveld said Friday it has now delivered sufficient tonnage to the potential off-taker for the potential client to undertake a full kiln smelting test and expects to receive the outcome of the test in the next three weeks.
Upon completion, Ironveld anticipates that a long term agreement with the off-take partner will be reached.
"Our sampling programme is progressing to plan, and we are confident of reaching a long term off-take agreement with our potential off-take partner, which would generate significant revenue for Ironveld," said Chief executive Peter Cox.