Last checked at 28 Apr 2017 07:00
28 April 2017
IRONVELD PLC
("Ironveld" or the "Company")
Granting of Air Emissions Licence and Mining Right
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 the granting of both the Air Emissions licence and the Pan Palladium Mining Licence in relation to the Project.
The Company has been granted the Air Emissions licence by the Department of Economic Development and Tourism ("Ledet").
In addition, the Company has been informed by Sylvania Platinum Ltd ("Sylvania") that the mining licence for heavy minerals, iron and vanadium for Pan Palladium (Pty) has now been granted by the Department of Mineral Resources.
In accordance with the terms of the agreement dated 14 March 2012 for the acquisition by Mercury Recycling Group plc (now Ironveld plc) of the Ironveld Group from Sylvania, Pan Palladium (Pty) Ltd will transfer the mining right, via the Section 11 process, to Lapon (Proprietary) Limited, a subsidiary of Ironveld plc. It is expected that application will be made in terms of Section 11 of the MPRDA for consent to transfer the right to Lapon immediately after execution of the right.
Peter Cox, CEO said:
"We continue to progress our project and receiving these licences are near final steps towards production. Ironveld recently announced the planned acquisition of a smelting business, which will enable early production of HPI, Vanadium and Titanium. We are in the final stages of agreeing the legal documentation and we will be providing an update in due course. This planned acquisition significantly de-risks the Project as it will ensure early validation of our products and facilitate supply into the offtake agreements. We are entering a very exciting time for the Company."
Ends
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 Gordon Poole / Billy Clegg / Kimberley Taylor | 020 3757 4980 |
Notes to Editors:
Ironveld (IRON.LN) is the owner of a High Purity Iron, Vanadium and Titanium project located on the Northern Limb of the Bushveld Complex in Limpopo Province South Africa. Ironveld expects to mine its own VTM ore as feedstock for a 15MW DC smelter which will produce speciality iron products including high purity iron powder as well as vanadium and titanium slag products.
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 in the market place. High Purity Iron Powder is widely used in powder metallurgy, in magnetic materials and in manufacturing of welding rods. Vanadium and Titanium slag containing commercial grades of vanadium and titanium will also be produced and sold. Vanadium has historically been used as ferrovanadium or as a steel additive adding a considerable increase of strength to steel. However it is the development of vanadium redox flow battery systems for grid energy storage applications that has the most potential to have a significant impact on future vanadium demand. Titanium Slag is an upgraded white pigment that is used in the manufacture of paint, paper and plastics.
Ironveld's Board includes; Giles Clarke as Chairman, Peter Cox as CEO, Vred von Ketelhodt as CFO, Nick Harrison and Rupert Fraser as a Non-Executive Directors.
Ironveld is an AIM traded company. For further information on Ironveld please refer to www.ironveld.com.