Ironveld assessing options amid financing hiccup
London-listed Ironveld, which owns a high-purity iron, vanadium and titanium project on the northern limb of the Bushveld Complex, in Limpopo, South Africa, says it is assessing its options as it may not be able to secure the funding it was previously expecting to close by the first half of this year.
The company has been in discussions with a South African financial institution regarding asset level financing of mining and smelting activities at the project.
Ironveld in February said that, if approved, the funding would enable it to invest in its group operations, including the transition to the production of high-purity iron powders.
It has now informed shareholders that it has received communication that suggests that the finance package potentially available may be substantially reduced from that originally envisaged and that the formal offer of funding remains subject to further due diligence.
In addition, following the recent South African elections, it is anticipated that all strategic investments will await new policy decisions from decision-makers who are yet to be appointed.
Accordingly, the timeframe for securing the funding could be extended by up to four months.
In light of these developments, the company and its management are evaluating the impacts and are assessing options to address the situation.
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