Ironveld contractors start work at South Africa smelter site

Ironveld announced on Thursday that, following completion of its recent placing to raise £4.5m, its team of specialist contractors had now started work at the FCF Smelter site in Rustenburg, South Africa.

The AIM-traded firm said the focus in the initial weeks would be site clean-up and security, as well as water, electrical and gas supply servicing and safety checks.

In addition, mechanical, electrical and structural compliance checks and statutory certification would be completed.

Following that, the planned refurbishment and upgrades across the facility, which would allow the first of the three furnaces to commence production, would be undertaken.

“The planned refurbishment will take six to nine months, as previously announced by the company,” Ironveld said in its statement.

“Final contracts for completion of the acquisition are progressing well.

“Ironveld has been permitted by the Business Rescue Practitioners - Tayfin Forensic and Investigative Auditors - and the sole creditor to gain access to the smelter facility at this early stage in order to progress with the refurbishment as efficiently as possible.”

At 1545 BST, shares in Ironveld were down 1.15% at 0.3p.

Reporting by Josh White at Sharecast.com.