Ironveld plc (the company) is an exploration and development company incorporated in England and Wales and listed on the AIM of the London Stock Exchange. The company is focused on the development of a new integrated Vanadiferous, Titaniforus Magnetite “VTM” project on the Northern Limb of the Bushveld Complex north of Mokopane in the Limpopo province of South Africa. The company is committed to advancing the beneficiation of raw materials within the Republic of South Africa.
The company will own and operate a 15MW DC furnace to beneficiate the ore to produce high purity iron products, vanadium and titanium . The 15MW DC furnace will be situated on the farm Altona in the Mogalakwena Municipality, a property to be leased.
The company holds rights to the minerals covering a group of seven adjacent farms, measuring an area of 165 square kilometers and it intends to mine the VTM mineral resource. The JORC-compliant mineral resource is estimated at 80 million tonnes (VTM) containing 32 million tonnes of iron (Fe), 700 000 tonnes of vanadium and 9 million tonnes of titanium.
The company completed a definitive feasibility study (DFS) in April 2014 that demonstrates the viability of the 15MW DC furnace project.
The 15MW DC furnace project is a beneficiation project that entails the processing of the VTM to a higher value product for the local and export market. The project involves a range of activities including large-scale capital intensive smelting activities.
The company intends to produce annually 42 964 tonnes of High Purity Iron products, 381 tonnes of Vanadium metal and 8 269 tonnes of Titanium dioxide.