Broad-Based Black Economic Empowerment structures

RNS Number : 8050U

Ironveld PLC

21 October 2014

 



21 October 2014

Ironveld plc ("Ironveld" or the "Company")

Broad-Based Black Economic Empowerment (BBBEE) structures finalised

Ironveld plc, the High Purity Iron, Vanadium and Titanium project located on the Northern Limb of the Bushveld Complex in Limpopo Province, South Africa is pleased to announce that it has signed the necessary shareholders documents for the BBBEE participation in the project and has submitted the community and workers trust documentation for registration.

Four global trusts are currently being registered at the Master of the Supreme Court. These trusts will hold, in trust for local communities, tribal authorities and future workers, shares in the BBBEE companies which have a shareholding in the operating companies that make up the Ironveld Group. This shareholding is 26% as per the BBBEE's Code of Good Practice and the Mining Charter.

Ironveld is currently assisting the BBBEE companies with their applications for funding to allow them to meet their share of the capital requirements of the Company.

Peter Cox, CEO of Ironveld plc, commented: "This is a further important step for Ironveld as we move closer to developing our project and we are pleased that the necessary shareholder agreements have been signed and that the trust documents are with the Master of Court for registration. We look forward to working with our BBBEE shareholders in the development of both the mining and smelting operations as we move towards delivering the project."

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For further information, please contact:

Ironveld plc Peter Cox, Chief Executive	c/o Camarco 020 3757 4980
Shore Capital and Corporate Limited Stephane Auton / Toby Gibbs (corporate finance) Jerry Keen (corporate broking)	020 7408 4090
Camarco Billy Clegg/ Georgia Mann	020 3757 4980

Notes to Editors:

Ironveld (IRON.LN) is a High Purity Iron, Vanadium and Titanium project located on the Northern Limb of the Bushveld Complex in Limpopo Province South Africa.  Ironveld expects to mine its own VTM ore as feedstock for a 15MW smelter which will produce speciality iron products including high purity iron powder as well as Vanadium and titanium products

The Definitive Feasibility Study published in April 2014 confirms the project's viability to deliver an exceptionally high grade iron product (99.5% Fe) called High Purity Iron which commands a premium in the market place. Vanadium and titanium slag containing commercial grades of vanadium and titanium will also be produced and sold.

Ironveld's Board includes; Giles Clarke as Chairman, Peter Cox, CEO and Nick Harrison as a Non-Executive Director.

Ironveld is an AIM listed Company. For further information on Ironveld please refer to www.ironveld.com.

 

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