23rd Sep 2013 11:34
LONDON (Alliance News) - Ferrex PLC Monday said prospecting rights at the Malelane iron ore project in South Africa have been extended until May 20, 2016, giving it time to look at development options for the project.
"The extension of the Prospecting Right over the Malelane project is an important step in Malelane's development, and will ensure sufficient time for the pre-feasibility and bankable feasibility to be completed as we advance Malelane towards production," Managing Director Dave Reeves said in a statement.
"We continue to work on the social and environmental aspects of the project and are currently preparing the mining permit application," he added.
The stock was trading at 1.85 pence Monday, down 0.02 pence or 1.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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