Ironveld Share Discussion Threads

[al101uk] 11/4/2023 11:52

Absolutely fantastic article, not just because it confirms what we already believed, but because of the progress being made, the speed of progress and the fact that the report is primarily news coming out of Enernet, who are talking up Ironveld rather than the other way around.

Ted Lasso would be pround Ladeside ;-)

[ladeside] 11/4/2023 10:05

It's actually being reported across multiple sites which is also good for raising the profile.

[purchaseatthetop] 11/4/2023 09:31

That is good news. Really good.

[ladeside] 11/4/2023 09:29

JOHANNESBURG, South Africa, April 10, 2023 (GLOBE NEWSWIRE) -- Enernet Global ("Enernet") remains on-track to deliver a full-hybrid system for the Ironveld Smelting ("Ironveld") Rustenburg smelter complex in South Africa, having already provided start-up generation required.

Following the successful implementation of a 1MW temporary power plant commissioned in late 2022, Enernet has deployed the first of four stages of power upgrades for the Ironveld. The first stage involves a 4MW power plant that enabled ‘Hot Commissioning’ of the first of three planned operating furnaces. This process included smelting of test quantities of magnetite ore in order to produce HPI and titanium slag. Working in a close partnership with Ironveld and their sub-contractors, Enernet managed the rapid delivery of the first stage power with no safety or environmental incidents. Despite the inherent challenges of labour and equipment shortages due to countrywide stage four load shedding, the project was completed in less than 10 days.

Delivering the fast-tracked power involved road freight conveys from Johannesburg, a 90-tonne crane and a site crew of up to 20 working around the clock to deliver the much needed power in a record time. Enernet's Vice President Engineering, Dusan Nikolic led the onsite pre-delivery electrical safety tests and inspections. "The delivery of stage one power was a combined effort between Ironveld and Enernet, the quality and speed at which the work was completed is a testament to how well the two companies worked together as a team."

Enernet are now progressing multiple work packages in preparation for the future stages of power upgrades which will boost the on-site power capacity for the operation of three of the furnaces). These upgrades will enable the smelter complex to process approximately 40,000 tonnes of Ironveld's magnetite ore per annum which, in turn, will provide 20,000 tonnes of high purity iron, 190 tonnes of vanadium in slag; and 3,800 tonnes of titanium in slag.

Ironveld Smelting's CEO, Thamaga Mphahlele, commented "Our partnership with Enernet is working extremely well and is provides us with the confidence we need execute our expansion plans over the coming months."

Imminently, work will begin on the design and construction of both rooftop and ground mounted solar power systems with a combined capacity of 6MW, for which Enernet's power engineers are working with South African-based contractors.

The final stage of power implementation will comprise a hybrid of energy technologies including solar power, a battery energy storage and clean burn, liquefied natural gas generators.

The solar system, battery storage and LNG generators will be fully-funded by Enernet and once operational, power will be purchased by Ironveld under a 20-year energy services agreement. "The team at Ironveld have a 'can do' mindset which aligns with our business culture and has been key to completing the project milestones safely and on time," Enernet's Business Development Manager, Martin Smith concluded.

[normawoods] 10/4/2023 17:47

Funny how Patt is over here while his own share enet has failed to deliver anything and is now dated technology 😅

[jameshendrix2023] 10/4/2023 17:39

Get some gst stock tomorrow Thank me tomorrow

[purchaseatthetop] 10/4/2023 15:59

“The power thing is not a worry at all” Hello?
That’s like saying “Well apart from THAT MRs Lincoln, how did you enjoy the play?”

This is all about power. Why would anything be stated in the accounts? The RNS say that there is a design project. Great. But my question is not that. It is why and how will Enernet themselves commit the millions with IRON not in a position to generate cashflow?

Bit like Grosvenor. They said they would do something. But they might not.

[ladeside] 10/4/2023 13:42

The power thing is not a worry at all as there is no way we would be at our current point if there was any sort of issue about something so basic and so fundamental to the entire project.

Every recent update has been positive including the most important one stating that with our current cash position and "revenue from expected sales" that we are fully funded as a going concern for the next 12 months.

If we had any sort of issue with the power then that would have to have been stated in the accounts and the outlook as a major and fundamental risk but as it wasn't then nobody should be worrying about something which doesn't exist.

Having said all this, I WOULD like an update in the next week or two stating exactly where we stand and mapping out a timetable for what we can expect over the next 7 or 8 months.

Like Al and a few others, I'd also like us to tie up once and for all the funding for the HPI powder, whether this be another placing or some sort of concrete funding deal at the 0.40 area as a minimum, I don't care, but if we want to unlock the full early profit potential then this is a MUST and would also get us on the radar of some of the bigger players as a serious entrant into the market.

Irrespective, there's lots going on and positive News on a number of fronts could and should get us re-rated back to a realistic MCAP of the £40 to £50 Million area BEFORE we build towards the next level.....

[aceuk] 09/4/2023 10:35

Just for you patt ;-)

[purchaseatthetop] 09/4/2023 05:14

Just a few thoughts on where it goes now.
I cannot work out quite how the energy project is going to happen. 12MW solar, 9MW BESS, 13MW LNG with diesel back up will cost millions on its own. Why would Enernet fund this when there is no cashflow to repay them?

IRON can produce small amounts of product using the small generator but before they can actually produce commercial levels of product they still have to:
1) Get the hybrid power plant built and commissioned,
2) Deal with the local inhabitants who live and farm on the land which IRON will need to dig up to get the resource
3) Agree a turnkey mining contract with all the associated costs of that.
Etc etc.

1) cannot hsppen without 2) snd 3) plus more cash. I think!

[purchaseatthetop] 07/4/2023 13:49

Pug ugly. I held IRON shares a few years back but got bored. The possibilities here are huge but so are the risks. I keep an eye out on it and read the RNSs. When or if they get the power properly sorted then I am onboard. Still confusing me with changing messages.

[purchaseatthetop] 07/4/2023 10:57

It all comes down to power.

The 23/2/23 placing RNS says they are awaiting the solar hybrid plant commissioning Q3 23.
The 12/9/22 update said detailed design work underway.
The 13/7/22 update said the Enernet power supply would be broadly in alignment with the smelter refurbishment.

The bit that makes my hairs stand up a little is that RNSs should build on each other. There has been no commissioning date even mentioned since 23/2/23 and that had already moved back six months in six months.

[al101uk] 07/4/2023 00:35

I think you're right Ladeside. Pat made out that Burnstar were an alternative company for sourcing power, but that doesn't seem to be the case:

"Once the BurnStar plant is established at the Rustenburg smelter, and is producing hydrogen, Ironveld intends to evaluate its use as the reducing agent in its smelting process. The hydrogen will be supplied by BurnStar at costs at or below current market rates. If successfully applied to Ironveld's production, this will enable the Company to significantly reduce its carbon consumption over and above the benefits of the solar-hybrid power plant, due to be commissioned in Q3 2023. This will also reduce overall production costs and, crucially, enable production of 'green metals', which command premium pricing in the market"

The Enernet Global deal is still the critical one for getting Ironveld up and running power-wise.

Burnstar are along for the ride. It gives Burnstar a site on which to build a commercial plant using their technology and with a ready buyer for the resulting hydrogen. It gives Ironveld lower production costs, greener production and a premium price as a result.

The RNS also states that:

"BurnStar has successfully completed testing of its pilot plant and has secured all funding to design, build, own and operate a commercial sized unit and to demonstrate production of up to five kg of hydrogen per hour."

I hope Ironveld are right, that they have done their due diligence this time and Burnstar really do have funding in place. If for no other reason than for the sake of my sanity.

I'm with you on the funding as well, lets just get the damned thing up and running at this point, fully funded and done properly. F'king around with "alternative sources of funding" and raising the minimum required in the market seems to just get them in to all sorts of trouble.

[ladeside] 06/4/2023 21:43

Burnstar is a shot to nothing as we have no outlay and no risk, so no sign of alarm bells for me.

We should have an operational update in the next week or two which will hopefully make it much clearer as to where we actually are and what to expect over the coming months.

Personally I'd like to see us place another 400 million shares at around 0.40 which would provide the funding required for the HPI powder and take us to a round 4 Billion shares in issue.

That way the decks would be completely cleared and we could really start to move forward and grow as a profitable business.

[aceuk] 06/4/2023 14:26

They are certainly making a lot of effort with local people

[purchaseatthetop] 06/4/2023 09:27

Cheers. Will take a look.

[al101uk] 06/4/2023 09:17

Enernet seem legit to me, they have a us address and financial backing from VC's.

[al101uk] 06/4/2023 01:08

It gets worse...

A quick look at

b2bhint.com/en/company/za/burnstar-technologies--K2012216675

Reveals the owners of the business and we see the same web of multiple companies & cross ownership that we saw with Grosvenor.

b2bhint has a different residential address for Burnstar with numerous other businesses associated with that same address (26c Kerk St).

The value of the Burnstar is listed as less than 1 million South African Rand, which is less than £50K.

One of the officers of the company is also involved with "AFRICARY UCG", which is in the business of developing a very early stage technology that has had no real commercial success (Underground Coal Gassification). It also has a value of less than 1 million Rand despite claiming this on their website:

"In 2012 Africary diversified and bought a massive coal resource from BHP Billiton SA that is ideally suited for UCG. Our business philosophy grew to invest and develop our own UCG to Power project."

There are far too many companies to research, but the whole thing gives off a very bad smell and I would have thought Ironveld would know better by now than to get involved with "too good to be true" deals like this one.

[al101uk] 06/4/2023 00:45

Got to say that I was on more inclined to agree with pat on the latest RNS detailing power generation, it seemed like a change of heart.

The good news is that if you go to Enernet Globals website you see the Ironveld project listed here:



It clearly says that the solution includes LNG, so maybe not so much a change of strategy, just a choice of technology and a financing deal.

Unfortunately that was the only good news I could find.

The Burnstar website is here:



The website was registered in 2019 and unfortunately Burnstar doesn't get any more convincing. The site claims that the technology they use was patented as of a filing date of September 2020 ( which is at odds with what Ironveld say.

The site also claims that "BurnStar has engaged with a Technology Development Company to build and operate a Methane Pyrolysis lab/desktop system to prove the viability of the technology. The first results of testing on the lab system is expected in Q4 2021."

I want to emphasise "desktop system". That sounds like a VERY early stage technology to me and going from that to self-funding a new commercial installation at the Ironveld smelter seems like a stretch in 12 months. There are no news articles that I can find other than Ironvelds new deal regarding Burnstar and Burnstar haven't even bothered to update their website.

And then there is the companies official address:

Burnstar, The Place, Menlyn Maine, Pretoria, 0081

Which consists of residential apartment buildings and a hotel.



I hate to to say it, but they look like another Grosvenor to me.

[eriktherock] 03/4/2023 16:03

Yes, I get it. However we're not trading with, or taking advise from, the uk government. So maybe relax and let the team get on with it as that is what they are tasked to do. Lean thinking.

[eriktherock] 03/4/2023 15:56

Do you need to know of every operational decision ?
"reaching full operational production capacity around the middle of the year, with the Company now fully funded to achieve this."