Petmin has a 25% free-carry stake in Veremo Holdings (Pty) Limited (Veremo), a pig iron joint venture near Stofberg in Mpumalanga Province, South Africa. The balance (75%) of the equity in Veremo is held by Framework Investments Ltd, a wholly-owned subsidiary of Kermas Ltd (Kermas), which is managing the project. Petmin has no funding exposure to operating or development capital at Veremo.
25% of Veremo
pig iron project
The Veremo deposit contains high concentrations of Ti-magnetite (43.4% Fe and 14.7% TiO2) and Veremo is evaluating development options for the potential annual production of a million tonnes of high-quality pig iron and titanium-rich slag as a by-product.
Veremo was notified in January 2014 that the Department of Mineral Resources awarded a mining right for Veremo, and it awaits notarial registration.
The Veremo project management team has conducted preliminary smelt tests and engaged the services of Mintek to complete an assessment of the economic viability of extracting a marketable product from the waste titanium slag. A report on the project by MCC International Incorporation Limited (MCC) previously concluded that it is economically viable.
During the year ended 30 June 2015, additional metallurgical test work was conducted and, going forward, a commercial scale campaign will be undertaken at Mogale Alloys on their 10 MW DC Arc Furnace.
For further details about Veremo please see Petminâ€™s 2015 integrated annual report and interim financial results for the year ended 31 Dec 2015