JOHANNESBURG (miningweekly.com) – Triple-listed iron-ore developer Ferrum Crescent has not yet received the first R2-million payment by Principle Monarchy Investments (PMI) to advance work on a bankable feasibility study (BFS) for its Moonlight iron-ore project, in Limpopo.
It reported on Wednesday that PMI had concluded a financing agreement which would enable it to fulfil all of its stated immediate commitments under the BFS financing agreement.
An investing group had initially allocated funds to PMI to enable it to work with Ferrum Crescent over a 12-month period, but the company was still awaiting access to funding from PMI.
Operationally, a significant development for the company was that Hatch Goba had formally agreed to be engaged as the lead study consultant.
“Once the first payment has been secured from PMI, a further update will be provided including details of Hatch Goba’s work plan,” the company noted.