Ironveld Says Made "Solid Progress" On Project In Last Few Months

LONDON (Alliance News) - Ironveld PLC Monday said it has made "solid progress" over the last few months on its vanadium and titanium project in the Limpopo Province of South Africa.

It said that due diligence is "proceeding steadily" with debt funders and potential broad-based Black Economic Empowerment partner funds who may be able to provide funding for the project.

It is also making "significant progress" with draft construction contracts for the smelter, and said that requests for quotes for mining operations will be issued before the end of August.

"We have made solid progress over the last few months on all fronts both on the ground and in terms of the funding required to commence construction of the 15 Megawatts smelter which is expected to commence production of High Purity Iron and Vanadium and Titanium slag by-products in 2016. This is positive news for the project development and our shareholders, as is the recent exchange rate movement between the ZAR and the USD which if maintained will have a positive cash flow impact," said Chief Executive Officer Peter Cox,

Shares in Ironveld were up 4.0% at 5.33 pence Monday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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