Ferrox's Tivani mining project started production in late 2023, initially utilizing its mini mill for concentration of ores
Company in the process of increasing production and provides 2025 full-year revenue guidance of $8 million
FISHERS, IN / ACCESSWIRE / May 9, 2024 / Royalty Management Holding Corporation (NASDAQ:RMCO) (the "Company"), an innovative royalty company building shareholder value by acquiring and developing high value assets in a variety of resource-driven and emerging technology industries, is pleased to announce that Ferrox Holdings Ltd., an investment holding of the Company, has provided production and revenue guidance from its Tivani mining project located in the Limpopo Province of South Africa.
Incorporated in 2006, Ferrox Holdings Ltd. is a British Virgin Island company that owns the Tivani Mining Deposit, its flagship asset that contains deposits of Titanium, Iron and Vanadium, from which Ferrox has commenced production and concentration of these ores to produce Ilmenite concentrate (Titanium Dioxide), Ferro Titanium and Magnetite Concentrate (Iron), with anticipation in the future to produce Vanadium Pentoxide, Ferro Vanadium, Titanium Metal, and other derivative products. After conducting a reserve study that supported the economic feasibility of the mining operation, Ferrox commenced a few years ago the investment into the mining infrastructure at Tivani to support the extraction and processing of the ores into salable products for a variety of interested customers. With extraction and concentration started, Ferrox is now focused on increasing production and identifying key offtake and sales partners for the concentrated products out of Tivani. Upon completion of Ferrox's investment into its crushing and concentration plant, the company anticipates it to be able to increase production and sales to approximately 50,000 tons of run-of-mine ores per year in 2025 and approximately $8 million in annualized revenue, continuing to expand thereafter as the company continues its investment into the deposit and production.