Ironveld to raise £1m for working capital; Wardle to take over as chairperson
South African speciality metals producer Ironveld will raise £1-million to be used as working capital, with its largest shareholder Tracarta to provide £450 000 of the funding.
Tracarta, in which Ironveld nonexecutive director Dr John Wardle has a beneficial interest, will subscribe for 162-million new Ironveld shares, at a price of 0.278p apiece.
Further, Turner Pope, acting as the company's broker, has procured orders for a further 198-million new Ironveld shares for £550 000 from existing shareholders on the same terms, pending shareholder approval.
Aim-listed Ironveld's mining division mines vanadiferous and titaniferous magnetite for sale to industrial users and to its own smelting division, which processes the magnetite ore into high-purity iron, vanadium slag and titanium slag.
The company says the operations at its Rustenburg smelter have consumed a greater amount of cash resources than originally planned since mid-September. In particular, critical repairs and optimisation work, costing about £250 000 to rectify, combined with a material interruption to planned production during October, have created a requirement for additional working capital.
The Ironveld board considers it prudent to maintain a larger working capital buffer in order to provide maximum flexibility in maintaining operations and believes that the fundraising represents an attractive option.
Following the subscription by Tracarta, Wardle will assume the role of Ironveld executive chairperson, while outgoing chairperson Giles Clarke will remain a nonexecutive director.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.
VISIT SHOWROOM
At John Ratcliffe, we are aftermarket specialists for heavy-duty on and off-road vehicles. We engineer and retrofit advanced safety systems, engine...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
