31st Mar 2016 09:43
LONDON (Alliance News) - Ferrum Crescent Ltd on Thursday said it has restructured itself to focus on its main iron ore project in South Africa and has reshuffled its board.
Ferrum is planning to identify an investment partner for the Moonlight iron ore project, located in northern South Africa, and will pursue an efficient operating model to allow it to invest in further projects, initially two potential lead-zinc assets in Spain.
As part of the new strategy, the company has made Justin Tooth executive chairman. He has previously been non-executive chairman of the company.
In addition, Evan Kirby will join the board as a non-executive director. Kirby is a metallurgist with 30 years of experience in the mining industry, Ferrum said, and will advise Ferrum on the Spain prospects.
Tom Revy will step down as managing director having substantially completed his mandate to oversee the Moonlight project to its current stage, Ferrum said.
Ferrum shares were up 58% to 0.174 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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