Business
Operations Update
Operations Update.
About this update from Ironveld Plc
[{"type":"text","content":"\n\nIronveld Plc\n(\"Ironveld\" or the \"Company\")\nOperations Update\nIronveld plc (\"Ironveld\" or the \"Company\"), the AIM quoted mining development company, is pleased to provide an update on recent activities.\nOperational and Financial Update Highlights\n \n· Newly installed power generation at Rustenburg smelter now supplying two furnaces as planned;\n· Ironveld secured a cash generative short term contract from a third party to undertake metals processing;\n· Third furnace refurbishment now due to commence in October;\n· Directors have provided working capital support for the Company with a facility of up to £500,000 to maintain flexibility of funding;\n· Encouraging market conditions for near-term High Purity Iron and future iron powders products; and\n· Burnstar Technologies Pty Ltd. (\"Burnstar\") Liquified Natural Gas (\"LNG\") to hydrogen project on track.\n \nIronveld Smelting Operations\nDuring July and August, activities at Ironveld Smelting's Rustenburg facilities focused on ensuring that the two refurbished furnaces as well as the Argon Oxygen Decarburization (\"AOD\") Convertor and the Granulator could operate successfully. Although the refurbished plant operated as planned without any material issues, it became clear that further electrical power supply would be required to run all equipment simultaneously to optimum levels. To resolve this problem, additional generators were ordered and then fully installed earlier this month. Whilst this resulted in a short delay in the anticipated level of activity from the first two furnaces, the additional power is now capable of operating all equipment as planned on a full-time basis, which is expected to continue going forward. Final works and commissioning of the third planned furnace at the smelter had been placed on hold pending the arrival of the additional generators and this is now expected to start in October.\nEnvironmentally Friendly and Economical Energy Solution\nThe use of generators at the site has always formed part of Ironveld's short-term solution to remain off-grid, allowing it to avoid the daily 'load shedding' imposed by the state electricity provider, ESKOM. As previously announced, Ironveld has contracted for installati...