Company ProfileIronveld is a new Pig Iron Project located on the Northern Limb of the Bushveld Complex in Limpopo Province South Africa.
Ironveld expects to mine its own magnetite resource at approximately 2.4 million tons magnetite per annum as feedstock for its Pig Iron Plant to produce 1,000,000 tons of Pig Iron per annum. Potential for vanadium and titanium by-products.
The Pig Iron Industry
Pig iron is manufactured by smelting iron ore. There are two main types of iron ore: heamatite (Fe2O3) and magnetite (Fe3O4). The Ironveld Group has a Ti-magnetite iron ore resource, which it intends to mine as a feedstock for a pig iron plant. Pig iron is an intermediate product in the steelmaking process.
Demand for pig iron comes from steel mills employing electric arc furnaces ("EAFs"), which process steel scrap metal rather than virgin iron units. EAFs already account for over 30% of steel production, and this figure is expected to continue to rise. For EAF steelmakers, pig iron is a scrap supplement that can add significant value beyond the contained iron units.
Aside from diluting impurities in scrap, its use can result in improved operational consistency and productivity. In this respect, pig iron is superior to other alternative iron materials. Pig iron consumption is currently growing due to tightness in scrap availability (due to the rapid development of emerging market countries), a situation that is expected to last for the next five to ten years.
Vanadium is a hard, ductile, silver-grey metal. The main use of vanadium is in alloys, especially with steel. 85% of all the vanadium produced goes into steel, 10% goes into alloys of titanium and 5% into all other uses. A small amount of vanadium adds strength, toughness, and heat resistance. It is usually added in the form of ferrovanadium, a vanadium-iron alloy. Vanadium steel alloys are used in gears, axles and crankshafts.
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Directors' BiographiesCharles Giles Clarke (aged 59)
Non-Executive Director - Non-Executive Chairman on Admission
Mr Clarke is Chairman of the England and Wales Cricket Board, Westleigh Investments Holdings Limited, Amerisur Resources plc, and of several private organisations. He founded Majestic Wine in 1981 and built it into a national chain of wine warehouses. He also co-founded Pet City in 1990, which he expanded nationwide before it was listed and subsequently sold in 1996 for £150 million and co-founded Safestore which was sold in 2003 for £40 million.
John Nicholas Harrison (aged 53)
Mr Harrison qualified as an accountant with Arthur Andersen and subsequently held a number of senior positions with other professional services organisations. He was Finance Director of Pet City and has held finance director and chief executive positions in a number of private businesses. He is currently Chief Executive of Westleigh Investments Holdings Limited, a director of Amerisur Resources plc and of a number of private organisations.
Dr Peter John Cox (aged 58)
Dr Cox started his career in the mining industry 30 years ago as a learner surveyor. After studying mining engineering as a JCI bursar, he worked for that company in various positions at gold and platinum mines, ending as a senior section manager. In 1987, he joined a privately owned mining and exploration company, Severin Southern Sphere Mining, as consulting engineer and general manager. Since mid-1991 he has been the managing director of Goldline Global Consulting (Pty) Ltd, an engineering consulting company which serves the mining industry worldwide. He holds a Mine Surveyor's and a Mine Manager's Certificate of Competency. He has a number of achievements to his name, including being the youngest certificated surveyor in South African mining history and designing the country's narrow reef opencast mining method.
Terence Michael McConnachie (aged 56)
Mr McConnachie has over 25 years of experience in mining, beneficiation of ferroalloys and precious metals. He was the founder of Merafe Resources Limited (formerly South African Chrome & Alloys Limited), a successful chrome mining company, black empowered and listed on the Johannesburg Stock Exchange. He has started many new green-field operations in gold, manganese, aluminium, graphite and tantalite. He has been CEO of a number of mining, mining services and smelting companies in South Africa.
Rupert Fraser (aged 44)
Mr Fraser has over 20 years of experience in the investment banking industry. Most recently he was Head of Equities at Evolution Securities from 2009 to 2011, prior to which he spent 13 years at Dresdner Kleinwort, where in 2005 he was appointed Managing Director, Global Head of Equity Distribution. He is a founding Director of Farleigh Associates.
In addition to the above executives, the key senior management of the Enlarged Group will include:
Derek Adami (aged 55)
Chief Financial Officer
After having studied accounts and finished National Service in 1979, Mr Adami worked as Credit Controller for a family business supplying electrical appliances and mining equipment to the Free State gold mines.
Between 1983 and 1993, he headed up the accounts and administration department. He then set up his own business providing administration services to third parties for commercial properties. In 2009, he was appointed a Director of Realm Resources (Pty) Ltd, a subsidiary of an Australian company, with direct responsibility for the accounts. Since July 2011, he has been financial director of Ironveld (Pty) Ltd. His responsibilities include controlling budgets, accounts and administration.
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