London-listed Ironveld’s share price shot up 40% to around 1.04p apiece on Monday after the company announced that several parties were interested in potentially making an offer to purchase all, or part of, its assets.
Ironveld owns a high purity iron, vanadium and titanium project located in South Africa’s Limpopo province.
The announcement followed the company embarking on a strategic review early in July.
At the time, Ironveld said the strategic review, led by FinnCap, could result in the sale of the entirety of the mining rights over the project.
Chairperson Giles Clarke stated that the potential of the project was best recognised by third parties, and therefore the company initiated the strategic review to ascertain how its assets could best deliver value to shareholders.
A mineral resource estimate for the project states that it contains 1.4-billion pounds of vanadium, 27-milllion tonnes of high-purity iron and 8.3-million tonnes of titanium.
The current resource does not include mineralisation on the Luge farm prospecting right, which is near the current resource. Ironveld believes this area will have the same geology.
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