28th Apr 2014 10:34
LONDON (Alliance News) - Iron ore developer Ferrum Crescent Ltd said it spent the first quarter of the year gearing up to complete the bankable feasibility study at the Moonlight Project and make sure it is ready for construction.
Last month the company said it had received the first USD500,000 payment from Anvwar Asian Investment as part of the deal to sell a 35% interest in its subsidiary that holds the Moonlight iron ore assets in South Africa for USD10 million. It also said that a second payment of USD500,000 will be made by the end of April.
The Northern South Africa iron ore developer said Monday that it is planning the next stage of the Moonlight bankable feasibility study, at the Moonlight magnetite iron ore project, which is located in Limpopo Province, South Africa
The company also said that Ed Nealon will no longer be Executive Chairman but will remain on the board as non-executive Chairman, while Bob Hair has resigned as a director.
Ferrum Crescent shares were trading 2.6% higher at 1.18 pence per share Monday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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