Source - Alliance News

Ironveld PLC - South Africa-focused mining company - Confirms that subsidiary, Ironveld Mining (Pty) Ltd, and its joint venture partner, Pace SA Pty Ltd, have agreed with a subsidiary of JSE-listed Sable Exploration and Mining Ltd certain amendments to the funding and operational structure of the DMS Magnetite operation currently being established at Ironveld’s mining area. The new structure retains Ironveld’s ability to supply ore into the JV and benefit from a share of positive cashflows without having to fund the initial capital expenditure. The parties have now agreed that SEAM, via a subsidiary company Sable Platinum Holdings (Pty) Ltd, will advance all necessary funding of around £650,000 for the establishment of an initial quick start 10,000 tonnes per month capacity plant. There will also be an option to fund future expansions in capacity, depending on the success of the venture.

Current stock price: 0.31 pence

12-month change: up 11%

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Ironveld PLC (IRON)

-0.00p (-4.71%)
delayed 15:57PM