Ironveld and Pace collaborate to produce DMS grade magnetite

Highlights

• Ironveld to participate in a 50:50 joint venture (JV) to process and sell DMS grade magnetite, to be sourced from existing mining operations.
• All initial capital and establishment costs of approximately ZAR35 million (£1.65 million) to be funded by Ironveld's JV partner, Pace SA (Pty) Limited.
• Maximum design capacity of beneficiation plant approximately 60 t/hr.
• First production and sales from the JV expected mid 2023.

Martin Eales, CEO of Ironveld, said:

"This is an exciting and value additive transaction for Ironveld, which will utilise our existing mining infrastructure to supply extra quantities of ore, at multiples of the expected smelter requirements per month, to the JV from which we expect profitable cashflow within months. We would like to thank Pace for funding the initial capital contribution at a time when we are focusing our resources on the Rustenburg smelter ramp up, and we look forward to working with them."

Ms Thabisa Hanise, CEO of Pace, said:

"This opportunity is a highly attractive legacy project in South Africa and forms an important part of the development of Pace's vision. I look forward to a long and successful relationship with Ironveld."

Read the article online at: https://www.globalminingreview.com/mining/30012023/ironveld-and-pace-collaborate-to-produce-dms-grade-magnetite/