Sable Mining, IPace agree additional funding for DMS beneficiation plant
JSE-listed Sable Exploration and Mining subsidiary Sable Platinum Holdings (SPH) and IPace on February 2 entered into a term sheet for additional funding of R1-million payable by SPH for a dense medium separation (DMS) beneficiation plant.
The follows SPH’s announcement in September that it had entered into an agreement with IPace for the establishment of an unincorporated joint venture (UJV) to conduct the business of commissioning, operating and maintaining a DMS beneficiation plant and to sell the product.
This additional funding will be added to the R15-million paid by SPH in terms of the main agreement. For providing the additional funding, IPace has agreed to transfer 2.5% of the UJV to SPH.
SPH has granted IPace an option to buy back the 2.5% shares in the UJV at R1.3-million. The option will expire on October 31.
IPace has committed to fund the balance of the operational and capital costs to complete the DMS beneficiation plant and to begin production on March 15.
In September last year, Mining Weekly reported that ground works and civil works were said to be progressing well for the installation of a DMS magnetite plant in South Africa’s Bushveld Complex.
IPace is a JV that Ironveld Mining owns equally with Pace SA.
Ironveld, which holds mining rights over 28 km of outcropping Bushveld magnetite with a compliant ore resource of 56-million tons of ore, last year agreed to acquire and refurbish a Rustenburg smelter to process its magnetite ore into high-purity iron, titanium slag and vanadium slag.
Ironveld and Pace SA agreed funding and operational structure amendments to the DMS magnetite operation with a subsidiary of Sable Exploration and Mining.
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