23rd Nov 2015 10:42
LONDON (Alliance News) - Ironveld PLC said it continued to make progress towards production at its high-purity iron, vanadium and titanium project in Limpopo Province in South Africa during its most recently ended financial year.
For the year to end-June, Ironveld reported a pretax loss of GBP593,000, narrowed from a pretax loss of GBP750,000 a year before, as a result of lower administrative expenses. It did not post revenue in either period.
During the year, the company focused on progressing towards construction of its 15 megawatt smelter at the project, and beginning production of high-purity iron, vanadium and titanium slag by-products in 2016.
Ironveld raised GBP750,000 in a share placing in November 2014, and a further GBP1.5 million in a further placing in June, the proceeds of which will be used to progress due diligence with both debt funders for the project, and potential Broad-Based Black Economic Empowerment partners.
Following the year end, Ironveld's BBBEE partners received an indicative term sheet from the Industrial Development Corp for the BBBEE's full capital contribution to the project.
"The past 12 months has seen the company take important steps to commence the construction of the 15 megawatt smelter, while financially de-risking this attractive project further. We will continue to work hard towards bringing our world class HPI, vanadium and titanium project to production, and I would like to thank all our shareholders for their support during this transformative period for the company," said Chief Executive Officer Peter Cox in a statement.
Shares in Ironveld were up 1.3% at 4.05 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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