Photo by: Reuters
JOHANNESBURG (miningweekly.com) – Despite halting the start of the bankable feasibility study (BFS) for the Moonlight iron-ore project until sufficient funding had been negotiated, triple-listed Ferrum Crescent continued to map out the work planning programme.
During the June quarter, the South Africa-focused iron-ore developer continued to “gear-up” for the start of the BFS, concluding a detailed review of the A$10-million to A$13-million, 18-month study, MD Tom Revy said in an update to shareholders.
A work pathway identified advanced metallurgy, pilot plant construction and final product analysis as the next key components for the BFS.
“This work allows final costing to be made for the mining plan and items such as the pellet plant,” he explained.
The company was now pursuing funding options – in South Africa and internationally – after Oman-based Anvwar Asian Investments (AAI) failed to deliver on a second payment of $500 000 by April 30 under a two-tranche, $1-million funding agreement between the parties.
Ferrum had expected to restart the BFS on receipt of the funding.
“It is unfortunate that AAI has, thus far, not carried out its side of the agreement that was reached in March, but we are continuing to talk to AAI,” Revy said, adding that Ferrum had informed AAI of its default and had not accepted a request for an extension period to complete the financing.