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Ironveld PLC on Thursday reported a widened annual loss but looked to the future with optimism due to the Rustenburg smelter now approaching production.
In the financial year that ended June 30, the South Africa-focused miner reported a widened pretax loss of £811,000. The previous year, the loss was £465,000.
During the year, Ironveld acquired and refurbished the Rustenburg smelter thanks to £4.5 million of funding raised through a share placing. Ironveld said this will enable the firm to mine and process ore for the first time.
Mining activities began in December and the first furnace at the Rustenburg smelter is now close to production, ahead of schedule, it said.
In 2023, Ironveld expects to see production and sales increase rapidly as the smelter moves to full capacity production.
The company said it does not plan to pay a dividend for the year.
By Heather Rydings, Alliance News senior economics reporter
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