LONDON (Alliance News) - Shares plunged in Ironveld PLC on Wednesday after the company ended discussions on a commercial offtake agreement for an iron, vanadium and titanium project in South Africa.
Shares in the project developer were trading 40% at 0.90 pence each on Wednesday.
Ironveld said that following a bulk sampling and testing programme in February conducted with the subsidiary of an unnamed steel firm, the company entered into discussions with the intention of signing a commercial offtake agreement.
However, Ironveld said that so far into discussions, viable terms have not been offered to the company, leading to Ironveld coming to the conclusion that agreeing terms with this potential partner will not be possible.
Currently, Ironveld still has an offtake agreement for the project's vanadium slag product since 2016, and continues discussions with potential partner for the other products.
Ironveld (IRON)