26th Mar 2015 09:19
LONDON (Alliance News) - Ironveld PLC saw its shares rise Thursday morning after it said an application for a mining right for three farms within the vanadium and titanium project in South Africa had been accepted by the country's Department of Mineral Resources.
The mining right application covers the Nonnewerth, LaPucella and Altona farms at the project, which is in the Bushveld district of Limpopo Province. The company expects the department to make a decision on the application in the second half of 2015.
The application was submitted by Pan Palladium (Pty) Ltd, which is a subsidiary of Sylvania Platinum Ltd. Under a deal that created Ironveld PLC in 2012, Pan Palladium will transfer the mining right once granted to an Ironveld subsidiary.
"We are delighted to have reached another key milestone in our highly attractive project with the submission of Pan Palladium's Mining Right application for the farms Nonnewerth, LaPucella and Altona having been accepted by the DMR. We are focused on working with the DMR to progress the application," Ironveld Chief Executive Peter Cox said in a statement.
The company's shares were up 8.7% at 6.25 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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