Johannesburg, South Africa — MININGREVIEW.COM — 14 November 2011 – Ferrum Crescent Limited “’ an iron ore project developer with South African assets “’ has been listed onto the JSE Limited with effect from 11 November 2011. This JSE listing is in addition to the company’s primary ASX and secondary AIM listings.
The JSE inward listing will facilitate the company’s Black Economic Empowerment (BEE) share exchange and investment at a listed company level, complying with the objectives of the South African Government’s Mineral and Petroleum Resources Development Act (MPRDA) and the revised Mining Charter.
Ferrum Crescent’s BEE partner, Mkhombi Investments Proprietary Limited, owns a 26% stake in the company’s South African operating subsidiary, Turquoise Moon Trading 157 Proprietary Limited. Mkhombi is a partner with significant industry experience, and also includes two women’s organisations and a community trust representing local Limpopo communities affected by the company’s Moonlight iron ore project.
Ferrum Crescent executive chairman, Ed Nealon, commented: “Our JSE listing is a natural progression for the company. We have identified South Africa as having enormous potential in the iron ore market, and our Moonlight Iron Ore Project is an exciting prospect amid positive global demand for iron ore resources.
JSE CEO Russell Loubser congratulated the company on its listing: “Ferrum Crescent’s decision to obtain a secondary listing on the JSE provides the group with another source from which permanent capital can be raised. As it raises its profile in this market, we wish the group every success.”
The JSE has granted the company a secondary listing of 298,691,705 shares, representing the entire issued ordinary share capital of Ferrum Crescent, in the “Basic Materials – Basic Metals – Industrial Metals & Iron – Iron & Steel” sector under the abbreviated name “Ferrum” and share code “FCR”. No funds will be raised through the JSE listing process.