Ferrum extends payment date for Moonlight stake sale
JOHANNESBURG (miningweekly.com) – Triple-listed Ferrum Crescent has granted a deadline extension for the first payment of R2-million, owed by Principle Monarchy Investments (PMI) as part of a bankable feasibility study financing agreement.
The iron-ore developer said on Wednesday that the first payment was due on June 1, but that PMI had requested an extension to complete its internal restructuring.
Ferrum and PMI signed a memorandum of understanding (MoU) on May 5, in terms of which PMI would acquire 39% of the Moonlight project, in Limpopo.
In the early 1990s, it was estimated that the project was capable of producing a concentrate grading 68.7%, but Ferrum believed these estimates were “conservative”.
The payment deadline was extended to July 14 and upon payment, the the MoU would become legally binding.
PMI would then be required to contribute R2-million a month until completion of the first subscription tranche of R30-million, which must still be paid by December 1, with the monthly payments to be credited towards this first subscription tranche.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation