Ironveld shares up on iron smelter project developments

Ironveld shares rose after the company said it had made solid progress on its mine in the Limpopo Province of South Africa.

By 1109 BST shares in the AIM listed mining company were up 4% to 5.33p.

Ironveld said production for the 15MW Smelter was expected to start in 2016, and offtake discussions were ongoing.

It added that Broad-Based Black Economic Empowerment ("BBBEE") partner funders had indicated they may provide funding to the project in addition to the BBBEE funding.

On the ground, draft construction contracts for the smelter were being circulated and requests for quotes for mining operations were issued before the end of the month.

Chief executive Peter Cox said continuing depreciation in the rand was positive so it should have a positive cash flow impact.