We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ironveld Plc | LSE:IRON | London | Ordinary Share | GB0030426455 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0025 | -2.56% | 0.095 | 0.09 | 0.10 | 0.0975 | 0.095 | 0.0975 | 1,507,452 | 12:50:53 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Scrap & Waste Materials-whsl | 103k | -435k | -0.0001 | -9.00 | 3.54M |
TIDMIRON
RNS Number : 0046D
Ironveld PLC
17 October 2022
Ironveld Plc
("Ironveld" or the "Company")
Progress Update
Ironveld (AIM:IRON) is pleased to provide a further update on progress made by its subsidiaries Ironveld Smelting Pty Limited ("Ironveld Smelting") and Ironveld Mining towards production.
Highlights
-- Pre-Operations power at the Rustenburg smelter now fully installed and systems and equipment testing underway;
-- Smelter refurbishment on schedule and first production anticipated in Q1 2023;
-- Mine planning on track to commence operations in current quarter to provide ore to the smelter; and
-- Debt Purchase Agreement with sole creditor anticipated to be signed in coming two weeks, with Exclusivity extended.
Ironveld Smelting
Power supply
As announced on 12 September 2022, Enernet Global Inc. ("Enernet") has successfully installed a pre-operations power supply at the Rustenburg smelter that is being used to test and recommission the plant. Further temporary additional power will be added to this facility to enable scaling up of plant operations in the coming months prior to full completion of Enernet's optimised power solution (including solar, battery storage and gas generation), expected in Q3 2023.
The Rustenburg smelter will not be reliant on the South African electricity grid at any stage of production, thereby removing any risk to operations caused by Eskom's daily programme of 'load shedding'.
Furthermore, Ironveld and Enernet have agreed to incorporate certain aspects of the required refurbishment upgrades to the electrical system at the smelter into Enernet's project installation, thereby enabling Ironveld to make savings in planned short term capital expenditure.
Testing, Recommissioning and first Production
A planned programme of systems and equipment testing and upgrades is now underway at the smelter and orders have been placed for critical long lead time components. Where specialist skills have been identified as being needed for the refurbishment work specialist contractors have been engaged and are active on site. Based on a review of work successfully completed to date, Ironveld Smelting anticipates first production of its suite of products (high purity iron, vanadium in slag and titanium in slag) in Q1 2023, in line with its original estimate of the six to nine month refurbishment programme.
Labour Force
Since completion of the placing in August 2022, which enabled the Company to proceed with the Ferrochrome Furnaces Pty Limited ("FCF") acquisition, Ironveld Smelting has taken rapid steps to recruit appropriately skilled operational and maintenance staff for the smelter operation. As at today's date around 40% of envisaged total employees have commenced work or have accepted employment offers. These staff members are currently engaged in the refurbishment work.
Debt Purchase Agreement
On 31 August 2022 Ironveld announced that the Share Purchase Agreement ("SPA") to acquire 100% of FCF had been signed by its subsidiary company Ironveld Smelting. The only condition precedent in the SPA is the signing of a Debt Purchase Agreement ("DPA") between Ironveld Smelting and the sole creditor of FCF for a total of ZAR 115 million (approximately GBP5.75 million).
Ironveld and the sole creditor have agreed all commercial issues in the DPA and it is expected to be signed in the next two weeks. The sole creditor has also confirmed Ironveld's exclusivity remains in place until the DPA is signed. Following completion of the DPA, Ironveld and the Business Rescue Practitioner will proceed with the formal steps to remove FCF from Business Rescue.
Ironveld Mining
Commencement of mining operations has been scheduled to begin in the current quarter (Q4 2022) in order to cost efficiently supply a feedstock of magnetite ore for the smelter as the three furnaces are brought into operation sequentially. Necessary contractors have been selected and recruitment of key operational staff is substantially complete.
When fully operational the smelter will require approximately 40,000 tonnes of ore per annum, a relatively modest amount that can be effectively mined with a small equipment fleet. Based on current demand in the South African mining industry, Ironveld Mining is currently investigating options to produce a product from the 'fines', which are not suitable for the smelter, for third party purchasers and thereby reduce average mining costs per tonne.
For further information, please contact:
Ironveld plc c/o BlytheRay Martin Eales, Chief Executive Officer 020 7138 3204 finnCap (Nomad and Broker) Christopher Raggett Charlie Beeson 020 7220 0500 Turner Pope (Joint Broker) Andy Thacker James Pope 020 3657 0050 BlytheRay Megan Ray Tim Blythe 020 7138 3204
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
UPDGZMMGVDKGZZM
(END) Dow Jones Newswires
October 17, 2022 02:00 ET (06:00 GMT)
1 Year Ironveld Chart |
1 Month Ironveld Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions