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Ironveld PLC - South Africa-focused exploration and development company - Says the debt purchase agreement and share purchase agreement for its Ferrochrome Furnaces Pty Ltd acquisition have now been agreed and signed. Ferrochrome Furnaces 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.
Ironveld signed heads of terms to acquire 100% of Ferrochrome Furnaces in May 2022. 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 timing of the transaction completion has had no effect on the company’s operations, which continue to progress as planned,’ Ironveld says.
Current stock price: 0.29 pence
12-month change: down 72%
By Sophie Rose, Alliance News reporter
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