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Ironveld losses narrow

By BFN News | 09:10 AM | Wednesday 30 March, 2016

Ironveld posts a loss before tax of GBP318,000 for the six months to the end of December (compared with GBP399,000 last time. Cash balances stood at GBP648,000 (H1 2014: GBP928,000) at the end of December. The company does not plan to pay a dividend for the period. Chief executive Peter Cox said: "The focus for the Period was on achieving key milestones that would enable Ironveld to move towards financial closure, we have made excellent progress in this respect which is testament to the hard work of the Company. Events such as securing the mining right, EMP approval and receiving confirmation from Eskom for power supply represent tangible milestones towards bringing our world class HPI, vanadium and titanium project into production. "Offtake demand for all three products is strong with multiple offers being considered, this is being run in tandem with positive discussions around financial arrangements for the Project and near term finalisation is expected. We continue to see currency movements that benefit project economics and which are expected to result in a positive cash flow impact. "It is a tremendously exciting time for the Company and we look forward to progressing the Project through financing and into the construction stage later in 2016." At 9:10am: (LON:IRON) Ironveld Plc share price was -0.13p at 5.25p Story provided by

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