Last checked at 15 Aug 2014 07:00
15 AUGUST 2014
Ironveld plc ("Ironveld" or the "Company")
Environmental Scoping Report submitted for the 15MW smelter
Ironveld plc, the Pig Iron Developer located on the Northern Limb of the Bushveld Complex in Limpopo Province South Africa, is pleased to announce that the Republic of South Africa's Limpopo Department of Economic Development, Environment and Tourism has acknowledged receipt of the Final Scoping Report of the 15MW DC Arc furnace the company intends to build on farm Altona 696LR.
This is an important step in the approvals required by the National Environmental Management Act 107 of 1998 ("NEMA") which will allow the company to meet its project schedule where production is expected late 2015.
The company will make further announcements about this important environmental approval process as the various approvals are received from the Limpopo Department of Economic Development, Environment and Tourism.
As per the requirements of the NEMA, the application was prepared by independent consultants, Prescali Environmental Consultants (Pty) Ltd.
Peter Cox, CEO of Ironveld plc, commented: "This is a significant step which brings us closer to delivering the 15MW smelter on budget and on schedule. As our Definitive Feasibility Study published in April 2014 demonstrated, the 15MW smelter is a robust project and will be cash flow positive from commencement of production."
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For further information, please contact:
Ironveld plc Peter Cox, Chief Executive | c/o Camarco 020 3757 4980 |
Shore Capital and Corporate Limited Stephane Auton / Toby Gibbs (corporate finance) Jerry Keen (corporate broking) | 020 7408 4090 |
Camarco Billy Clegg/ Georgia Mann | 020 3757 4980 |
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Notes to Editors:
Ironveld (IRON.LN) is an AIM listed exploration & development mining group focused on the development of the Ironveld pig iron project within the Northern Limb of the Bushveld Complex, South Africa.
Ironveld intends to develop a new pig iron plant with associated commercially viable vanadium and titanium by products. The Company's Pre Feasibility Study published in June 2013 demonstrates the viability of the project with an initial 15MW smaller smelter planned to produce from late 2015.
The Definitive Feasibility Study published in April 2014 confirms the project's viability to deliver an exceptionally high grade iron product (99.5% Fe) called High Purity Iron which commands a premium to the pig iron price. Vanadium and titanium slag containing commercial grades of vanadium and titanium will also be produced and sold.
Ironveld has a strong Board and management team in place including; Giles Clark as Chairman, Peter Cox as CEO and Nick Harrison as a Non-Executive Director.
For further information on Ironveld please refer to www.ironveld.com.