REG - Ironveld PLC - FCF Acquisition and Further Progress Update

IronveldAnnouncement

09/12/2022 07:00

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RNS Number : 1398J  Ironveld PLC  09 December 2022

Ironveld Plc

("Ironveld" or the "Company")

FCF Acquisition and Further Progress Update

Ironveld (AIM:IRON) is pleased to provide updates on the acquisition of
Ferrochrome Furnaces (Pty) Limited ("FCF"), the refurbishment and start up of
the smelters, and on the project.

Update on Acquisition of FCF

Closing of the acquisition of FCF remains subject to the satisfaction of
certain conditions which are progressing well and relate to finalisation of
particular documentation.  The Company is confident that the transaction will
complete shortly and that there is no impediment to planned operations.

Ironveld Smelting Update

Excellent progress continues to be made on the refurbishment and start up of
the Rustenburg smelter.  As announced on 17 October 2022, first production
was anticipated in Q1 2023 but Ironveld can now confirm that the first of the
smelter's three planned operational furnaces is expected to be in operation
within the coming weeks, significantly ahead of the original schedule.

First sales of material from the smelter are now expected early in 2023 and
the second and third operational furnaces are anticipated to both be in
production by April 2023.

Ironveld Mining Update

Site establishment and preparatory groundworks within the Lapon Licence area
are now substantially complete and the mine will be delivering ore to the
smelter as planned later this month.

Power for both the Mining and Smelting operations is entirely off grid and
therefore not subject to the significant ESKOM "load shedding" interruptions
currently being experienced across South Africa.

 

For further information, please contact:

 

 Ironveld plc                            c/o BlytheRay

 Martin Eales, Chief Executive Officer   020 7138 3204

 finnCap (Nomad and Broker)              020 7220 0500

 Christopher Raggett

 Charlie Beeson

 Turner Pope (Joint Broker)              020 3657 0050

 Andy Thacker

 James Pope

 BlytheRay                               020 7138 3204

 Megan Ray

 Tim Blythe

 

 

 

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under Article 17 of
MAR.

 

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