Sable Exploration and Ironveld renegotiate agreement terms
Sable Exploration & Mining Ltd - Sandton-based mineral development group - Renegotiates the stalled agreement between Sable and Ironveld Holdings (Pty) Ltd, the South African subsidiary of Ironveld PLC. Ironveld has committed to fund the completion of the beneficiation plant and commissioning is expected within the next few weeks, Sable says. The plant will process, produce, market and sell dense medium separation grade magnetite. The joint venture will be structured as a 50-50 partnership between Altona Processing (Pty) Ltd, a subsidiary of Ironveld, and Sable via its unit Lapon Plant (Pty) Ltd. Magnetite production is scheduled to start this month, with the plant reaching full capacity by April. |
Hoping that any finance will be at project and not plc |
At least some signs of life but presumably will need a comprehensive financing if they can get it relisted. |
Hopefully this is it. So many false dawns with Ironveld over the years |
I think this has enormous potential and this announcement is a great precursor to that. Hopefully back listed soon. |
Sounds quite good, maybe a couple of hundred quid will be rescued 👍 |
At least we are not dead and might even come off life support soon - the accounts aren't going to make pleasant reading but hopefully historical and we can finally look ahead from here
GLA
tdh |
Well just shows you not to go along with all the hype from certain long term posters |
Well I'm off downunder for a couple of months. Here's hoping 2025 will deliver for you all. I say this more in hope than expectation of course. Q |
Bit surprised the price has held up with news of imminent suspension from dealing, perhaps clutching at straws but suggests larger holders are hopeful that something can be salvaged from the wreckage...? |
 The problem is Penrith that we really don't know what the recent raise will actually achieve and as a result of that (and past contradictions) we really have no idea where we stand.
Figures being bandied around for the HPI powder conversion were between £1.5m and £3m but we're also not sure what's been done and what's not.
Basically the RNS's over the past few years have been far from transparent and there's been contradiction after contradiction so it's making it very difficult to ascertain the exact situation we're in and how much debt we have and to whom and what the terms of repayment are (the smelter complex being the main one).
Like everyone else still here, we're basically locked in and sitting on huge losses, so from our perspective we can only hope that JW can pull something off, of course from his perspective it's 100% in his own interest given his large holding here.
I rated JW when at Amer so maybe this wouldn't be a terrible entry point as surely now the only way is up, either that or it's likely to be the end of the line..... |
Hi Ladeside,
I am currently in KZG and may put a little of the profit into here.How do you see them achieving the power generation and conversion equipment? Raise or maybe a JV? |
The two main issues that need to be overcome if we are EVER to become profitable are the question of the power generation and the Iron powder conversion equipment.
Until these questions are answered then it seems pretty pointless even trying to continue / restart production, as we've already been told that the project simply can't make any profit as it currently stands, hence the reason it was mothballed in the first place. |
hopefully something happening here ahead of christmas... |
Hi ML :-)I hope all's well in your neck of the woods. D |
Much more positive RNS. Still priced to go pop. If JW can get us into positive cash flow this is a bargain |
"Giles has served on the Board of Ironveld since 2010 and I would like to thank him for the support and insight he has provided to the Company during this time. The Board wish Giles all the best for the future, and we now focus on a period when we expect to see transformation progress at the Project, including increased production, and the commencement of revenues and positive cash flow." |
It will survive but we're back to where we were about 3 to 4 years ago with about £12 Million squandered, long termers virtually wiped out and apparently NOTHING to show for it.
I'd really like to know what went on PRIOR to JW taking a "hands on" role and I'm beginning to wonder if the serious fraud office should have been involved.
No answers have been provided to any of the questions regarding where the money actually went and what it achieved as we seem to be back to almost square one when the smelter complex was being purchased / refurbished.
As I say, where did the previous raised funds go and what did they achieve ???? |
Hello all you ex Amerisur friends, including John Wardle as I'm sure he reads the board from time to time. I still hold this stock but don't follow it. My question is will it survive?? |
At this rate we could have a whip round and buy the company ourselves! |
Hi Q,Good to see you again.Apologies for the tardy response but I only occasionally look in these days. I dumped my shares a while back, fully expecting IRON to go down the toilet for good. Credit to JW for keeping it going but he'll have to perform some real magic now. Always possible, I suppose.I hope all is well with you.D |
Sold in 2013 for £1.57m. Are you going to tell us it is now worth £100m? |
do we still own mercury recycling? |
Hi RecOvery Stock.You said .How the brokers managed to con hapless investors into this is beyond me, but maybe there are people who want a thumping capital loss to offset against gains elsewhere to avoid the increase in CGT.Not sure I agree with the 'hapless investors ' bit . Reading the posts on here the company looks a busted flush but there is a lot of emotion about. I am thinking it may be worth a punt but I am quite heavily invested in KZG so you might question my judgement Lol. |
Hi BWD,I'm glad you're still about. The long and lingering death of Iron continues to fascinate me but no longer inspires! There seemed so much promise a few years back but nothing material has ever come to pass. Each leak requires an even bigger pinch of salt to go with it to the point where there's more salt than substance The only reason I hold is because my holding is so close to valueless as makes little difference. Anyway it's good to see a few familiar names still orbiting the plughole!Best regards W |
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