Ironveld FCF buyout now unconditional
Aim-listed high-purity iron (HPI), vanadium and titanium miner Ironveld reports that its subsidiary Ironveld Smelting's acquisition of Ferrochrome Furnaces (FCF), in Rustenburg, South Africa, has become unconditional.
FCF will, in accordance with the Companies Act of South Africa, be taken out of business rescue in the coming days and the transaction will close in accordance with its terms, it says.
Ironveld in August last year announced that its subsidiary had agreed to buy FCF for a nominal fee of R980.
It said at the time that it planned to change the name of FCF to Bokone Smelting in due course to reflect the regional heritage of its operations, given that 'Bokone' translates as 'North' in the Tswana and Sepedi languages.
Ironveld Smelting immediately started refurbishment work at the smelter complex and, in January, completed the refurbishment of one furnace.
The first furnace is smelting magnetite ore into marketable products of titanium slag and HPI, marking a transformational step in the company’s development.
A further two furnaces will be refurbished by April. Once all three furnaces are operational, the complex will have a processing capacity of 40 000 t/y of magnetite ore, which, in turn, will produce about 20 000 t/y of HPI, 190 t/y of vanadium in slag and 3 800 t/y of titanium in slag.
To mitigate against the impact of power supply disruptions as a result of loadshedding implemented by power utility Eskom, Ironveld is investing in an independent hybrid power generation plant, consisting of solar power and natural gas generation. The plant is owned by Ironveld Energy and is being installed and funded by Enernet Global.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
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
