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Moonlight tips value scale at $33m - Ferrum Crescent

Moonlight tips value scale at $33m - Ferrum Crescent

Photo by Bloomberg

11th June 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Junior iron-ore developer Ferrum Crescent on Wednesday resumed its share trading on the ASX, revealing an independent valuation report on its Moonlight project, in Limpopo, South Africa, which valued the project at between $24.8-million and $42.3-million.

The preferred valuation was placed at $33-million.

The valuation was based on a mineral resource of 307.7-million tonnes, grading 26.9% iron for 82.8-million tonnes of iron-ore product.

ASX-, Aim- and JSE-listed Ferrum Crescent was currently in discussions with a number of parties to provide financing for a bankable feasibility study for the Moonlight project.

The junior was hoping to secure between $10-million and $13-million to support the study, which would evaluate the development of a six-million-tonne-a-year operation, exporting iron pellets from Richards Bay, in KwaZulu-Natal, in South Africa.

Edited by Creamer Media Reporter

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