Mercury Recycling becomes Ironveld

Trading in Ironveld will kick off on AIM at 08:00 on Thursday, August 16th, after the reverse takeover of Mercury Recycling was formally approved at a general meeting of shareholders.

The group, which raised £3.0m through a share placing to fund exploration and development work within the Bushveld complex in South Africa has refashioned itself as a developer of iron ore projects.

Bizarrely, the group faced a challenge to its ownership rights over the iron ore assets it recently acquired in the Northern Limb of the Bushveld Complex in South Africa from two individuals claiming to represent a local tribe.

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The tribe is purporting to have certain occupancy rights over the land. M'learned friends beg to differ - or, at least the ones retained by Ironveld do - and Giles Clarke, a non-executive director of Ironveld, described the letter as "completely spurious".

JH