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Ironveld confirms granting of mining right

By BFN News | 07:48 AM | Monday 02 March, 2015


Ironveld has confirmed the granting of a mining right for the mining of iron ore, vanadium and heavy minerals over the farms Cracouw 391 LR, Aurora 397 and Harriets Wish 393 LR, to Hacra Mining and Exploration Company (Pty) Ltd ("HACRA"), a 71% subsidiary of Sylvania Platinum Limited by the Department of Mineral Resources. In accordance with the terms of the agreement dated 14 March 2012 for the acquisition by Mercury Recycling Group plc (now Ironveld plc) of the Ironveld Group from Sylvania, HACRA will transfer the mining right, via the Section 11 process, to HW Iron (Proprietary) Limited, a subsidiary of Ironveld plc. It is expected that application will be made in terms of Section 11 of the MPRDA for consent to transfer the right to HW Iron immediately after execution of the right. Story provided by StockMarketWire.com

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