Royalty Management Holding Corporation announced that Ferrox Holdings Ltd., an investment holding of the Company, has confirmed the commencement of production of titanium ferrite from its Tivani operating site.
Terry Duffy, CEO of Ferrox Holdings stated, “This is an exciting moment for the company and its shareholders, to hit our goals of commencing initial production of run of mine titanium ferrite from our Tivani site. The team has worked tirelessly to ensure that we achieved this milestone before the year end of 2023 and we have met that goal. Having the financial support of Royalty Management Holding Corporation has helped us achieve this result while also positioning our company for future success in the current market. As a team, we are focused on scaling our production while also upcycling our production in-country to benefit not only our shareholders but also the local community through job creation.”
Ferrox owns the rights to the high quality Tivani mining deposit located in the Limpopo Province of South Africa. Prior to commencing production, Ferrox performed extensive preparations, studies and development with more than $70 million invested into the asset’s infrastructure and processing equipment along with mine development.
Through the Tivani project, Ferrox is initially focused on the production of ilmenite concentrate, titanium metal, titanium dioxide, and ferro titanium along with magnetite concentrate and pig iron, and the company has a NI 43-101 compliant resource showing 471 million tonnes of titaniferous magnetite.
Source: yahoo finance