Ironveld said it had experienced a significant developments over the past year as its continued efforts to become a production led mining company and process its ore on site.
In the past 12 months through June, the company put down a R7.0m refundable deposit to ensure a period of exclusivity for the potential acquisition of Middelburg Smelting facility and begun site establishment and civil engineering works in first-quarter of year in preparation to begin mining activities.
During post-period, the company commenced a bulk sampling program to supply run of mine ore to a potential offtake partner, who was a specialist subsidiary of an international steel group, following a period of engagement.
A commercial sample of 10,000 tons of the company's ore was provided to the potential partner, the company said.
The current sampling programme with the off-take partner had the potential to result in a long-term offtake agreement, bringing the company closer to achieving its objective of becoming a production led mining company and processing its ore on site.
'We remain confident in a successful outcome from the ongoing bulk sampling supply programme we are engaged in and in our project as a highly economic VTM ore body. We thank all our shareholders for their continued support and look forward to providing further updates in due course,' said Peter Cox, CEO.
At 9:48am: (LON:IRON) Ironveld Plc share price was 0p at 1.8p