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Ironveld finalises oftake agreement

By BFN News | 07:22 AM | Friday 20 May, 2016


Ironveld has announced the finalisation of an offtake agreement for its products with Oreport (Pty) Ltd. Oreport, a South African based, majority black owned, global trading company will take 100 per cent of the titanium slag representing 8,269 tons per annum, and has first right of refusal for the high purity iron powder (HPI) and the vanadium slag. Oreport is an established marketing and related services company with expertise in commodities and steel.The agreement is for a period of five years from first production which is expected to commence in 2017. Ironveld says it has been informed by Hacra Mining and Exploration (Pty) Ltd that the Section 11 transfer transferring the Mineral Right to HW Iron (Pty) Ltd) has been approved and should be finalised within 30 days. The Environmental Impact Assessment (EIA) for Pan Palladium (Pty) Ltd, a wholly owned subsidiary of Sylvania Platinum Limited has been granted by the Department of Environmental Affairs and Tourism. Following this, it is expected that the Mining Right will be granted shortly. This is the final right that the company acquired from Sylvania Platinum Limited. The land lease agreement for the 15 MW smelter is being processed by the Department of Public Works and represents the last milestone following which the Company will be in a position to conclude the financing package and commence construction. Story provided by StockMarketWire.com

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