2nd Mar 2015 10:43
LONDON (Alliance News) - Ironveld PLC on Monday said South Africa's Department of Mineral Resources has granted the mining rights on three farms to Hacra Mining and Exploration Co Ltd, with those rights now to be transferred to a subsidiary of Ironveld.
Ironveld said South African authorities have granting the mining rights for the Cracouw 391 LR, Aurora 397 and Harriets Wish 393 LR farms to Hacra, a unit of London-listed Sylvania Platinium Ltd.
Under the terms of the acquisition of the Ironveld Group by Mercury Recycling Group PLC, now Ironveld PLC, in 2012 from Sylvania, Hacra will now transfer the mining right to Ironveld's HW Iron Ltd subsidiary.
"The award of the HACRA mining right is an important step for the project as once it is executed, we will have the approval to mine the ore to feed the 15MW smelter which will produce highly specialised iron products including HPI, Vanadium and Titanium," said Ironveld Chief Executive Peter Cox.
Shares in Ironveld were up 3.6% to 7.255 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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