Ferrum extends Moonlight project timetable
JOHANNESBURG (miningweekly.com) – Triple-listed iron-ore developer Ferrum Crescent has extended the timetable to complete Phase I of the bankable feasibility study (BFS) for its Moonlight iron-ore project, in Limpopo.
The three-month extension to January 2017, to finalise the appointment of an internationally reputable engineering firm to manage the BFS, followed a request from joint venture partner Business Venture Investments (BVI).
BVI remained committed and responsible for fully funding and completing the requisite BFS work streams, across two phases, to earn up to a 43% equity interest in the project’s holding company.
The company had sought and received, through its MD Tom Revy, assurances from Ovation Capital – BVI’s investment management house backer and sister company – that BVI would be proceeding with the BFS for the project as soon as practicable.
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