2nd May 2014 12:21
LONDON (Alliance News) - Ferrum Crescent Ltd Friday gave an update on recent work at the Moonlight Iron Ore Project in South Africa.
The Moonlight Project has already had significant amounts of metallurgical process work undertaken on it.
The iron ore developer said that the final stage of Bankable Saleability Study work includes the engineering design, connection to local infrastructure and permitting for the pelletising operation.
The company said that metallurgical test work at the Moonlight Project indicates high quality pellets in excess of 69% iron and low deleterious elements possible.
Ferrum Crescent said that the Feasibility requirements to be completed include - geotechnical drilling, mine design, mine reserve estimation based on certain cut-off estimates and economic criteria; and the final estimate of mining costs.
Ferrum Crescent said that the Feasibility study is expected to be completed with 18 months, with a 30 month to 26 month construction period. It said the schedule coincides with government infrastructure development plans and completion of the feasibility is expected to cost between AUD10 million and AUD13 million.
"We shall now be focusing on moving forward and process work into trial mining and working on final infrastructure agreements to feed into the existing power, rail and port amenities," said Managing Director Tom Revy in a statement.
Ferrum crescent shares were down 0.4% at 1.17 pence Friday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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