Ironveld receives financing interest from South African lender
Aim-listed iron-ore, vanadium and titanium miner Ironveld has received a nonbinding term sheet from a South Africa-based financial institution to provide financing for its mine in South Africa’s Bushveld Complex.
The funding, which is subject to further due diligence, would enable Ironveld to progress production of high-purity iron powders.
The board is assessing the company’s funding requirements until a transaction can be completed.
Currently, there is no production of water atomised iron powders in the southern hemisphere. Ironveld aims to fill this gap, enabling local customers to avoid importing these crucial materials.
The company has allocated about R80-million for a capital investment programme to upgrade its Rustenburg production facilities. Various financing options are being considered to support this expansion without further reliance on shareholders.
Ironveld in 2022 agreed to acquire and refurbish a smelter facility in Rustenburg, at which it can process magnetite ore into marketable products of high-purity iron, titanium slag and vanadium slag. The transaction became unconditional in March last year.
The company has already completed the refurbishment of two furnaces at the smelter, with one more to follow.
Once fully operational, the smelter complex will be able to process 40 000 t/y of magnetite ore, which will lead to the production of about 20 000 t/y of high-purity iron, 190 t/y of vanadium in slag and 3 800 t/y of titanium in slag.
Ironveld is also in the process of installing a full solar liquid natural gas hybrid system at the Rustenburg site, as well as a natural gas-to-hydrogen project.
Meanwhile, Ironveld CEO Martin Eales has stepped down from the board effectively immediately. Chairperson Dr John Wardle will take over his duties on an interim basis.
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