Triple-listed iron ore project developer Ferrum Crescent, has agreed to extend the timetable for the completed of Phase 1 of its bankable feasibility study for its South Africa-based project Moonlight.
As agreed to with its Business Venture Investments No. 1709 (BVI), the three month extension period will now last to 12 January 2017.
It is necessary to finalise the appointment of an internationally reputable engineering firm to manage the BFS by BVI, which remains committed and responsible for fully funding and completing the requisite BFS workstreams, across two phases, to earn up to a 43% equity interest in the project’s holding company.
The company has also sought and received, via its MD, Tom Revy, assurances from Ovation Capital, BVI’s investment management house backer and sister company, that BVI will be proceeding with the BFS for the project as soon as practicable.