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Ironveld losses narrow amid 'positive steps' to becoming a production-led mining company

By BFN News | 10:00 AM | Wednesday 28 March, 2018


Ironveld's losses before tax narrowed to £243,000 for the six months ended 31 December 2017, from a loss of £385,000 during the same period a year ago. Cash balances rose to £1,430,000 from £413,000. Ironveld said it remains committed to successfully concluding the acquisition of the Middelburg Smelting facility, enabling the company to commence production of HPI, Vanadium and Titanium. Ironveld placed a R7.0m refundable deposit towards the potential acquisition of the Middelburg Smelting facility in exchange for a period of exclusivity. The firm said that post period, site establishment and civil engineering works began in the first quarter of 2018 in preparation for the commencement of mining activities. 'During the period, we have taken positive steps towards achieving our objective of becoming a production-led mining company, with significant progress expected over the coming months as we aim to commence production within six months of financial completion,' Ironveld said. Peter Cox, CEO, said: 'During the Period, in addition to finalising the outstanding permissions to commence mining operations we have been focussed on concluding the financing for the acquisition of the 7.5 MW Middelburg smelting facility. The acquisition represents a strategically important goal for the Company as the smelter is expected to deliver attractive economic returns and early free cash flow.' At 10:00am: (LON:IRON) Ironveld Plc share price was -0.06p at 2.05p Story provided by StockMarketWire.com

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