(Alliance News) - Ironveld PLC said on Friday its subsidiary Ironveld Energy Ltd signed an agreement with Burnstar Technologies Pty Ltd to produce green energy.
The Caerphilly, Wales-based South Africa-focused mining company said the deal is for the use of Burnstar's patent-pending Guilt-Free Hydrogen technology to process liquified natural gas at its Rustenburg smelter.
This will "significantly reduce" Ironveld's carbon consumption, and will allow the company to produce premium priced green metals in South Africa at a reduced price, the company said.
The hydrogen-based LNG processing technology will be installed and fully operational by the end of the year. Burnstar will supply and install a commercial plant at its own expense.
Ironveld also noted that current refurbishment work on a furnace and granulator at its Rustenburg smelter complex is approaching full completion. First shipments of the smelter's high purity iron, titanium slag and vanadium slag are in line to reach Ironveld's second quarter targets.
Shares in Ironveld were up 6.1% at 0.35 pence each in London on Friday morning.
By Sabrina Penty; Alliance News reporter
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Ironveld (IRON)