9th Mar 2015 09:26
LONDON (Alliance News) - Sylvania Platinum Ltd said Monday that the South African Department of Mineral Resources has granted it mining rights for the mining of iron ore, vanadium, heavy minerals and platinum group metals over three sites.
The mining rights cover its Cracouw 391 LR, Aurora 397 and Harriets Wish 393 LR sites in South Africa.
Under an agreement to acquire the Ironveld project from Sylvania by Mercury Recycling Group PLC, now named Ironveld PLC, in 2012, Sylvania's subsidiary will transfer to the mining right for iron, vanadium and heavy metals to a subsidiary of Ironveld.
"The granting of this mining right bodes well for the completion of the Ironveld transaction wherein dividends in specie were distributed to Sylvania shareholders on 16 August 2012," said Chief Executive Officer Terry McConnachie in a statement.
Shares in Sylvania Platinum are trading up 1.5% at 10.15 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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