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Ironveld secures iron powder off-take, 244M rand for South African project

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.

Industrial Development will provide senior loan facilities to Ironveld units Ironveld Mining (Pty.) Ltd. and Ironveld Smelting (Pty.) Ltd.

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.