15th Jan 2014 11:41
LONDON (Alliance News) - Ferrum Crescent Ltd Wednesday said the initial payment schedule of its USD13.5 million investment by Oman-based Anvwar Asian Investment has been moved back to February 28 from this month.
The iron-ore miner said the decision was made between the two parties due to administrative requirements with the Reserve Bank of South Africa.
Under the agreement, AAI will pay an initial USD10 million to acquire a 35% shareholding in the company's subsidiary Ferrum Iron Ore Ltd and USD3.5 million additional funds to contribute to site costs.
The company will use the full costs to complete its bankable feasibility study for the moonlight iron ore project in South Africa.
Ferrum Crescent shares were up 1.9% to 1.91 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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