Ironveld Share News (IRON)

IN BRIEF: Ironveld names Kristoffer Andersson as new CEO

Ironveld PLC - South Africa-focused mining company - Names Swedish economist Kristoffer Andersson as its new chief executive officer. Andersson will be based at the company offices in Johannesburg, South Africa, though Ironveld didn't specify when he would start.

Ironveld appoints Kristoffer Andersson as CEO

(Sharecast News) - Iron ore mining firm Ironveld has tapped Kristoffer Andersson to take over as chief executive officer.

Ironveld agrees to GBP125,000 working capital loan facility

(Alliance News) - Ironveld PLC on Wednesday said it had entered into an additional loan facility agreement with Tracarta Ltd.

EARNINGS: AdvancedAdvT hails "good progress" after Capita deal

(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Thursday and not separately reported by Alliance News:

IN BRIEF: Ironveld inks funding deal, CEO steps down

Ironveld PLC - South Africa-focused mining company - Receives non-binding term sheet from a South Africa-based financial institution regarding asset-level financing of mining and smelting activities at its high-purity iron, vanadium and titanium project. Says funding would allow it to invest in all planned operations, including transition to production of high-purity iron powders. Transaction is however subject to further due diligence, with no certainty that it will be concluded.

IN BRIEF: Ironveld agrees two loan facilities worth GBP375,000

Ironveld PLC - South Africa-focused mining company - Enters into loan facility agreements with Tracarta Ltd, in which Ironveld Executive Chair John Wardle has a beneficial interest in. The deals entail Ironveld being able to draw down GBP375,000, with GBP250,000 via a 12-month extension of an existing agreement with Tricarta at an interest rate of 11% per year, plus a new GBP125,000 facility with a six-month term and an 11% interest rate with a 2.5% fee. Says the funding will be used to strengthen its working capital position. As previously notified, says it remains in discussions regarding a direct institutional funding transaction, which is currently expected to close in the first of 2024. If concluded, says it will enable Ironveld to invest in "all group operations, including transition to production of high purity iron powders."

UK shareholder meetings calendar - next 7 days

Ironveld generates revenue but shares tumble down as loss widens

(Alliance News) - Ironveld PLC on Wednesday announced a widened loss but some operational progress in its latest year.

UK shareholder meetings calendar - next 7 days

IN BRIEF: Ironveld furnace operations start; enters loan facility deal

Ironveld PLC - South Africa-focused mining company - Says its newly installed power generation at its Rustenburg facility in South Africa is now supplying two furnaces, following a slight delay over the summer. Says final works and commissioning of the third planned furnace at the smelter had been put on hold as a result, but is now expected to start in October. Adds its operating expenditure has been higher than anticipated as a result, and has thus entered into a working capital loan facility agreement with Tracarta Ltd. Says it consists of a maximum of GBP500,000 to "provide the company with flexibility in meeting ongoing operating costs over the coming months."

IN BRIEF: Ironveld amends structure of DMS Magnetite operation

Ironveld PLC - South Africa-focused mining company - Confirms that subsidiary, Ironveld Mining (Pty) Ltd, and its joint venture partner, Pace SA Pty Ltd, have agreed with a subsidiary of JSE-listed Sable Exploration and Mining Ltd certain amendments to the funding and operational structure of the DMS Magnetite operation currently being established at Ironveld's mining area. The new structure retains Ironveld's ability to supply ore into the JV and benefit from a share of positive cashflows without having to fund the initial capital expenditure. The parties have now agreed that SEAM, via a subsidiary company Sable Platinum Holdings (Pty) Ltd, will advance all necessary funding of around GBP650,000 for the establishment of an initial quick start 10,000 tonnes per month capacity plant. There will also be an option to fund future expansions in capacity, depending on the success of the venture.

Director dealings: Ironveld director linked to purchase, Loungers chair covers tax bill

(Sharecast News) - Ironveld was on the list of director buys on Thursday, after it disclosed a purchase linked to a non-executive director.

Ironveld achieves first sales from Rustenburg smelter

(Sharecast News) - South Africa-focussed miner and speciality metals company Ironveld announced on Thursday that it achieved first sales of metal products from its Rustenburg smelter in June, as planned.

IN BRIEF: Ironveld achieves first sales from Rustenberg smelter

Ironveld PLC - South Africa-focused mining company - Achieves first sales of metal products from its Rustenburg smelter during June 2023, as planned. Says products sold include high-purity iron and the entirety of titanium slag produced so far this year, all to local buyers. Reiterates announcement in mid-May that the Rustenburg smelter will operate with two furnaces in July, with the third operating furnace due to be brought on stream at the end of July. As a result, says this would represent full planned operating capacity.

IN BRIEF: Ironveld promotes Malebo Ratlhagane to deputy CFO

Ironveld PLC - South Africa-focused mining company - Appoints Malebo Ratlhagane as deputy chief financial officer with immediate effect. Says Brian James, who has worked with Ironveld since 2012, will take on role as acting group CFO in a non-board capacity to provide "support and mentorship" during the transition. Ratlhagane has been Ironveld's head of finance in South Africa since 2022, while James is currently UK head of finance and company secretary.