5th Oct 2015 09:38
LONDON (Alliance News) - Ironveld PLC Monday said it has received an indicative term sheet from the Industrial Development Corp for the Broad-Based Black Economic Empowerment's full capital contribution to its vanadium and titanium project in Limpopo Province, South Africa.
The company said it is continuing to progress due diligence with funders considering providing the remaining elements of the project's overall funding.
Ironveld has appointed Thamaga Mphahlele as chief executive officer designate of its Ironveld Smelting Pty Ltd subsidiary.
"Discussions are at an advanced stage with two major international industry groups with due diligence ongoing for the remainder of the funding required. The company is confident all funding requirements will be met this calendar year. We are especially encouraged by the clear strong support from key South African Government institutions," said Chairman Giles Clarke in a statement.
Shares in Ironveld were down 8.6% at 4.80 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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