Last checked at 26 Mar 2015 07:00
26 March 2015
Ironveld plc ("Ironveld or the "Company")
Mining Right Application submitted for
Nonnewerth, LaPucella and Altona
Ironveld plc, the High Purity Iron ("HPI"), Vanadium and Titanium project located on the Northern Limb of the Bushveld district of Limpopo Province of South Africa, is pleased to announce that the application for the Mining Right ("Mining Right Application") on farms Nonnewerth, LaPucella and Altona for the mining of iron ore by Pan Palladium (Pty) Ltd ("Pan Palladium"), a wholly owned subsidiary of Sylvania Platinum Limited ("Sylvania") has been accepted by the Department of Mineral Resources ("DMR").
The Mining Right Application submission was made 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. On granting of the mining right Pan Palladium will transfer the mining right, via the Section 11 process, to HW Iron (Proprietary) Limited, a subsidiary of Ironveld plc.
A decision by the DMR on the Mining Right Application is expected in the second half of 2015.
Peter Cox, CEO of Ironveld commented: "We are delighted to have reached another key milestone in our highly attractive project with the submission of Pan Palladium's Mining Right application for the farms Nonnewerth, LaPucella and Altona having been accepted by the DMR. We are focused on working with the DMR to progress the application."
Ends
For further information, please contact:
Ironveld plc Peter Cox, Chief Executive | c/o Camarco 020 3757 4980 |
Shore Capital Stephane Auton / Toby Gibbs (corporate finance) Jerry Keen (corporate broking) | 020 7408 4090 |
Camarco Billy Clegg/ Georgia Mann | 020 3757 4980 |
Notes to Editors:
Ironveld (IRON.LN) is a titanium, vanadium and magnetite 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 smelter which will produce speciality iron products including high purity iron powder as well as Vanadium and titanium 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. Vanadium and titanium slag containing commercial grades of vanadium and titanium will also be produced and sold.
Ironveld's Board includes; Giles Clarke as Chairman, Peter Cox, CEO and Nick Harrison as a Non-Executive Director.
Ironveld is an AIM listed Company. For further information on Ironveld please refer to www.ironveld.com