UK mining firm Ironveld has renegotiated its joint venture agreement with Sable Exploration and Mining (SEAM) for the Lapon magnetite plant in South Africa, increasing its stake to 50%.
Ironveld will finance the plant’s completion using funds raised in November 2024, with commissioning scheduled for March 2025. First production is expected in April 2025, with the facility reaching full operational capacity by the end of the same month.
The plant will process ore sourced from Ironveld’s iron, vanadium and titanium mine in Limpopo Province’s Northern Limb of the Bushveld Complex to produce dense media separation (DMS) grade magnetite.
