Iron, vanadium and titanium miner Ironveld reports that its purchase of Rustenburg-based Ferrochrome Furnaces is progressing, with all material underlying agreements required under a debt purchase agreement and share purchase agreement having been signed.

The company notes that the timing of the transaction completion has had no effect on its operations, which continue to progress as planned.

Ironveld has a high-purity iron, vanadium and titanium on the Northern Limb of the Bushveld Complex, in Limpopo – a project that has the potential to become a vertically-integrated vanadium mining and processing business serving the increasing demand for vanadium in steel alloys and vanadium redox batteries.

The company also holds unfettered rights to a Joint Ore Reserves Committee-compliant resource of 80-million tonnes of magnetite ore and 1.6-billion pounds of vanadium – the equivalent to four times yearly global demand, according to Ironveld.

The resource also includes 32-million tonnes of high-purity iron and nine-million tonnes of titanium.