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Ironveld Shares Up 40% On Discussions For South Africa Asset Sale

Mon, 12th Aug 2019 09:51

(Alliance News) - Shares rose in Ironveld PLC on Monday after saying it has entered confidentiality agreements with several parties concerning the sale of part or all of its mining assets.

Shares in Ironveld, which owns an iron, titanium and vanadium project in Limpopo, South Africa were 40% higher at 1.05 pence on Monday.

In early July, Ironveld said it was considering the sale of the project, located on the Northern Limb of the Bushveld complex in Limpopo as part of a strategic review.

The company has rights to 56.4 million tonnes of magnetite ore, and the project contains 1.4 billion pounds of vanadium, 27 million tonnes of high purity iron, and 8.3 million tonnes of titanium.

"The company believes given the potential size of the resources that a sale of the company's mining rights may be in the best interest in the development of the project and the highest value to shareholders," Ironveld said in July.

Ironveld said it is currently providing interested parties with more information on its current assets, as well as access to the company's management and advisers.

"The company is encouraged by the level of interest it has received to date and looks forward to working with interested parties to further the strategic review," the company said Monday.

More News
23 Feb 2024 21:40

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.

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2 Feb 2024 15:25

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."

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3 Jan 2024 14:55

UK shareholder meetings calendar - next 7 days

Thursday 4 January 
Rotala PLCGM re management buyout
Tintra PLCGM re cancellation, re-registering as private company
ValiRx PLCGM re operational review
Friday 5 January 
MTI Wireless Edge LtdEGM re proposed grant of options to the directors
Monday 8 January 
Plus500 LtdEGM re director election
Velocys PLCCourt Meeting and GM re recommended cash acquisition by Madison Bidco Ltd
Tuesday 9 January 
Agriterra LtdAGM
DX Group PLCGM re acquisition by HIG Capital funds
GENinCode PLCGM re fundraise
Leeds Group PLCGM re sale of subsidiary Hemmers-Itex
Smart Metering Systems PLCGM re acquisition by KKR funds
Wednesday 10 January 
Hummingbird Resources PLCGM re share placement
Ironveld PLCAGM
Reabold Resources PLCGM re appointment of new directors
Safestyle UK PLCEGM re approve winding up of company
Scirocco Energy PLCGM re proposed disposal of interests in Energy Acquisitions Group Ltd
Versarien PLCGM re capital reorganisation
  
Copyright 2024 Alliance News Ltd. All Rights Reserved. 

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20 Dec 2023 14:26

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.

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6 Nov 2023 15:17

UK shareholder meetings calendar - next 7 days

Tuesday 7 November 
Time Finance PLCAGM
Murray Income Trust PLCAGM
Wednesday 8 November 
Incanthera PLCAGM
JPMorgan Emerging Markets Investment Trust PLCAGM
Thursday 9 November 
D4t4 Solutions PLCGM re name change to Celebrus Technologies PLC
Libertine Holdings PLCAGM
SIMEC Atlantis Energy LtdEGM re appointment of Nexia Singapore PAC as auditors
Friday 10 November 
DFS Furniture PLCAGM
Galliford Try Holdings PLCAGM
Minoan Group PLCAGM
Minoan Group PLCGM re issuing shares
Quartix Technologies PLCAGM
Redrow PLCAGM
Monday 13 November 
Ironveld PLCGM re fundraising
Victoria PLCGM re annual accounts and Grant Thornton UK LLP re-appointment as auditors
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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18 Sep 2023 12:20

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."

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1 Sep 2023 18:48

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.

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13 Jul 2023 10:08

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.

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28 Jun 2023 14:13

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.

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28 Jun 2023 10:10

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.

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5 Jun 2023 11:16

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.

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12 May 2023 10:52

Ironveld inks deal with Burnstar for green hydrogen

(Alliance News) - Ironveld PLC said on Friday its subsidiary Ironveld Energy Ltd signed an agreement with Burnstar Technologies Pty Ltd to produce green energy.

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12 May 2023 10:41

Ironveld reports positive operational progress

(Sharecast News) - Mining developer Ironveld updated the market on recent activities at its Rustenburg and Limpopo smelting operations on Friday, as well as its partnership with BurnStar Technologies.

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3 Apr 2023 14:30

Ironveld to use green hyrdogen produced by BurnStar LNG technology

(Alliance News) - Ironveld PLC said on Monday its subsidiary, Ironveld Energy Ltd has signed a letter of intent with BurnStar Technologies Pty Ltd to produce green hydrogen.

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3 Apr 2023 12:31

Ironveld inks letter of intent for LNG processing tech

(Sharecast News) - Ironveld announced on Monday that its Ironveld Energy subsidiary has signed a letter of intent with BurnStar Technologies, to move forward with a binding agreement for BurnStar's 'Guilt-Free Hydrogen' technology.

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