RNS5 Dec 2019 07:08
Thu, 5th Dec 2019 07:00
RNS Number : 7349V
Ironveld PLC
05 December 2019
5 December 2019
IRONVELD PLC
("Ironveld" or the "Company")
Final results for the year ended 30 June 2019
Ironveld plc, the owner of a High Purity Iron ("HPI"), Vanadium and Titanium project located on the Northern Limb of the Bushveld Complex in Limpopo Province, South Africa (the "Project") is pleased to announce its final results for the 12 months ended 30 June 2019 ("the Period").
Operational Highlights
· Appointed finnCap to conduct a strategic review of the Company's mining assets
· Positively engaged in discussions with several interested parties
· Confidentiality agreements have been entered into with various parties, who are engaged in management discussions and have conducted site visits
· Discussions continue with potential partners who could fund the development of the Project
· Completed a bulk sampling and testing programme, although commercially viable terms could not be agreed
Financial Highlights
· Successfully completed a placing in February 2019 to raise £1.1 million with proceeds used to strengthen the Company's balance sheet and cover our overheads
· Focused on rationalising the cost base across both South Africa and the UK
Outlook
· Expect either to have secured a strategic financing partner or have concluded the strategic review early in 2020
Peter Cox, CEO said:
"This year has seen us pursue multiple routes as we look to maximise the value of our mining assets, whether that be through the commencement of operations or through a sale. We remain engaged in discussions with several parties and all options remain open at this stage.
We remain confident in a successful outcome from the strategic review and look forward to providing updates in due course. We thank all our shareholders for their continued support in Ironveld."
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