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Ironveld PLC - South Africa-focused exploration and development company - Signs heads of terms to acquire 100% of Ferrochrome Furnaces Pty Ltd which will provide the company with an existing smelting facility and the opportunity to commence mining and processing. The smelter is located in Rustenburg, South Africa. R 15 million, around £750,000, will be paid on completion and R 100 million will be paid over 10 years, calculated as a percentage of profits from the smelter. This figure is capped at 13.5% per year. The acquisition remains subject to a final contract but Ironveld retains deal exclusivity until August 19. Company adds it has planned a refurbishment work programme for the smelter facility.
Current stock price: 0.86 pence, closed up 15% in London on Tuesday
12-month change: up 8.9%
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