Business
12I Tax Allowance Incentive Application
12I Tax Allowance Incentive Application.
About this update from Ironveld Plc
[{"type":"text","content":"\n \nRNS Number : 9571O Ironveld PLC 13 August 2014 \n \n\n13 August 2014\n \nIronveld plc (\"Ironveld\" or the \"Company\")\n \n12I Tax Allowance Incentive application submitted to the Department of Trade and Industry\n \nIronveld plc, the Pig Iron Developer located on the Northern Limb of the Bushveld Complex in Limpopo Province South Africa, is pleased to announce that it has submitted a 12I Tax Allowance Incentive application for its 15MW smelter to the Republic of South Africa's Department of Trade and Industry (\"the DTI\").\nThe 12I tax Allowance Incentive is designed to support greenfield investments and offers support for both capital investment and training. If the application is successful, the allowance is estimated to be c.R50.5 million (£2.8 million) and will enhance the investment of the 15MW smelter, with production expected to commence in late 2015.\n \nThe Company was assisted with the preparation and submission of the 12I application by Deloitte & Touche who has a successful track record of assisting clients with these applications. A decision by the DTI is expected in early September 2014.\nPeter Cox, CEO of Ironveld plc, commented: \"This is another important stage for the Company as we work towards progressing our pig iron project. This incentive would enhance the overall project's already favourable economics and further demonstrate industry's and the Government's confidence in it, promoting its future development.\"\nEnds\nFor further information, please contact:\n\n\n\n\nIronveld plc\nPeter Cox, Chief Executive\n\n\nc/o Camarco\n020 3757 4980\n\n\n\n\nShore Capital and Corporate Limited\nStephane Auton / Toby Gibbs (corporate finance)\nJerry Keen (corporate broking)\n\n\n020 7408 4090\n\n\n\n\nCamarco\nBilly Clegg/ Georgia Mann\n\n\n020 3757 4980\n\n\n\n\n \n\n\n \n\n\n\n\nNotes to Editors:\nIronveld (IRON.LN) is an AIM listed exploration & development mining group focused on the development of the Ironveld pig iron project within the Northern Limb of the Bushveld Complex, South Africa.\nIronveld intends to develop a new pig iron plant with associated commercially viable vanadium and titanium by products. The Company's Pre Feasibility Study published in June 2013 demonstrates the viability of the project with an initial 15MW smaller smelter planned to produce f...