(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.
Ironveld (IRON)