Ferrum Crescent sells SA asset for a song, to focus on Europe
Ferrum Crescent is divesting from its sole South African project to focus on Europe, it said on Monday. The Australian junior miner, which has secondary listings in Johannesburg and London’s AIM, said it was selling its Moonlight iron ore project in Limpopo for a nominal A$1,000 to NPSPL Africa and its empowerment partner, Ngwenya Capital. "Today’s agreement brings to an end our involvement with the Moonlight project at a time when developing a magnetite iron ore asset of this scale and nature in SA has become extremely challenging for foreign companies," Ferrum Crescent chairman Justin Tooth said in the statement. "We shall now continue to maximise and focus our efforts and capital deployment on the development of our Spanish lead-zinc assets, where we recently intersected our first near-surface mineralisation. "I look forward to updating the market with our initial exploration results in due course." Ferrum Crescent said selling the project for a nominal A$1,000 was "a more cost-e...
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