Business
Interim results for the 6 months ended 31 Dec 2022
Interim results for the 6 months ended 31 Dec 2022.
About this update from Ironveld Plc
[{"type":"text","content":"\n \n \n \n 30 March 2023\n \n \n \n \n \n \n \n \n \n IRONVELD PLC\n \n \n \n \n (\"Ironveld\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Interim results for the six months ended 31 December 2022\n \n \n \n \n \n \n \n \n Ironveld plc, the owner of a High Purity Iron (\"HPI\"), Vanadium and Titanium project located on the Northern Limb of the Bushveld Complex in Limpopo Province, South Africa (the \"Project\") is pleased to announce its interim results for the six months ended 31 December 2022 (\"the period\").\n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n \n ·\n A transformative period for the Company saw the acquisition and commencement of refurbishment of the smelter facility at Rustenburg, from August 2022 onwards;\n \n \n \n \n \n ·\n Acquisition and refurbishment funded by an equity Placing of £4.50 million, which completed in August 2022;\n \n \n \n \n \n ·\n First mining activities also commenced prior to period end, to ensure consistent supply of magnetite ore to the smelter; and\n \n \n \n \n \n ·\n Post period end saw first production from the smelter, an additional £2.0 million fundraising from shareholders and the smelter acquisition becoming unconditional.\n \n \n \n \n \n \n Outlook\n \n \n \n \n \n \n ·\n First sales on track for Q2 2023 in line with original plans;\n \n \n \n \n \n ·\n Smelter anticipated to ramp up to full production capacity by mid 2023 with strong demand for Ironveld's suite of speciality metal products; and\n \n \n \n \n \n ·\n Additional revenues expected from DMS Magnetite joint venture, also due around mid 2023.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Martin Eales, CEO, said:\n \n \n \"I am very pleased with the progress we made over the half year period to December 2022 and have already made so far this year. The coming months are due to bring many more positive developments as we build up production at the smelter and make progress with our other projects.\"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n \n \n \n \n \n \n \n Ironveld plc\n \n \n \n Martin Eales, Chief Executive Officer\n \n \n \n \n c/o BlytheRay\n \n \n 020 7138 3204\n \n \n \n \n \n \n \n \n \n \n \n \n \n finnCap (...