The Industrial Development Corp. has approved a 244.1 million South African rand funding package for Ironveld Plc's high purity iron-vanadium-titanium project in South Africa's Bushveld Complex, and entered a supply deal for its high-purity iron powder.
The funds will form part of an 841 million rand financing package for the project's development, according to an Oct. 6 statement.
Ironveld has also finalized an off-take agreement with Oreport (Pty) Ltd. for 100% of the high-purity iron powder production, representing 42,000 tonnes per annum, for five years from initial output.
Oreport is also taking 100% of the titanium slag from Ironveld under a previous agreement.
The company now has off-take agreements for all three products from its project.