24th May 2022 22:00
Ironveld PLC - South Africa-focused exploration and development company - Signs heads of terms to acquire 100% of Ferrochrome Furnaces Pty Ltd which will provide the company with an existing smelting facility and the opportunity to commence mining and processing. The smelter is located in Rustenburg, South Africa. ZAR15 million, around GBP750,000, will be paid on completion and ZAR100 million will be paid over 10 years, calculated as a percentage of profits from the smelter. This figure is capped at 13.5% per year. The acquisition remains subject to a final contract but Ironveld retains deal exclusivity until August 19. Company adds it has planned a refurbishment work programme for the smelter facility. Read More
