Aim-listed Ironveld says the acquisition of Ferrochrome Furnaces (FCF) remains subject to the satisfaction of certain conditions, which are progressing well and relate to finalisation of particular documentation.
The company says it is confident that the transaction will complete shortly and that there is no impediment to planned operations.
Ironveld also notes that “excellent” progress continues to be made on the refurbishment and startup of the Rustenburg smelter.
As announced on October 17, first production is anticipated in the first quarter of 2023, but Ironveld has now confirmed that the first of the smelter’s three planned operational furnaces is expected to be in operation within the coming weeks, considerably ahead of the original schedule.
First sales of material from the smelter are now expected early in 2023 and the second and third operational furnaces are anticipated to both be in production by April.
Site establishment and preparatory groundworks within the Lapon licence area are now substantially complete and the mine will be delivering ore to the smelter as planned later this month.
Power for both the mining and smelting operations is entirely offgrid and, therefore, not subject to State-owned utility Eskom’s loadshedding interruptions currently being experienced across South Africa.