Last checked at 13 Aug 2014 07:00
13 August 2014
Ironveld plc ("Ironveld" or the "Company")
12I Tax Allowance Incentive application submitted to the Department of Trade and Industry
Ironveld plc, the Pig Iron Developer located on the Northern Limb of the Bushveld Complex in Limpopo Province South Africa, is pleased to announce that it has submitted a 12I Tax Allowance Incentive application for its 15MW smelter to the Republic of South Africa's Department of Trade and Industry ("the DTI").
The 12I tax Allowance Incentive is designed to support greenfield investments and offers support for both capital investment and training. If the application is successful, the allowance is estimated to be c.R50.5 million (£2.8 million) and will enhance the investment of the 15MW smelter, with production expected to commence in late 2015.
The Company was assisted with the preparation and submission of the 12I application by Deloitte & Touche who has a successful track record of assisting clients with these applications. A decision by the DTI is expected in early September 2014.
Peter Cox, CEO of Ironveld plc, commented: "This is another important stage for the Company as we work towards progressing our pig iron project. This incentive would enhance the overall project's already favourable economics and further demonstrate industry's and the Government's confidence in it, promoting its future development."
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For further information, please contact:
Ironveld plc Peter Cox, Chief Executive | c/o Camarco 020 3757 4980 |
Shore Capital and Corporate Limited Stephane Auton / Toby Gibbs (corporate finance) Jerry Keen (corporate broking) | 020 7408 4090 |
Camarco Billy Clegg/ Georgia Mann | 020 3757 4980 |
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Notes to Editors:
Ironveld (IRON.LN) is an AIM listed exploration & development mining group focused on the development of the Ironveld pig iron project within the Northern Limb of the Bushveld Complex, South Africa.
Ironveld intends to develop a new pig iron plant with associated commercially viable vanadium and titanium by products. The Company's Pre Feasibility Study published in June 2013 demonstrates the viability of the project with an initial 15MW smaller smelter planned to produce from late 2015.
The Definitive Feasibility Study published in April 2014 confirms the project's viability to deliver an exceptionally high grade iron product (99.5% Fe) called High Purity Iron which commands a premium to the pig iron price. Vanadium and titanium slag containing commercial grades of vanadium and titanium will also be produced and sold.
Ironveld's Board includes; Giles Clark as Chairman, Peter Cox, CEO and Nick Harrison as a Non-Executive Director.
For further information on Ironveld please refer to www.ironveld.com.