Moonlight acquisition due diligence complete, BFS to start
JOHANNESBURG (miningweekly.com) – Oman-based Anvwar Asian Investments' (AAI’s) completion of an internal due diligence of the acquisition of a 35% stake in the Moonlight iron-ore project from iron-ore developer Ferrum Crescent, has enabled the project to progress to the bankable feasibility study (BFS) stage.
ASX-, Aim- and JSE-listed Ferrum said on Friday that conditions precedent to the buy-out have been met or waived, adding that the parties would now finalise the structure of the transaction and conclude the relevant shareholders’ agreement.
“The conclusion of the due diligence by AAI allows both groups to complete structuring agreements and secure funds that will allow the Moonlight BFS to be concluded,” said Ferrum chairperson Ed Nealon.
The first $1-million payment of the $10-million deal would be made in January, followed by the balance by the end of February.
AAI would pay another $3.5-million, in a staged manner, towards the costs for the completion of Moonlight’s BFS, which was set to start in 2014.
“Working with AAI we shall look to progress the BFS in early 2014 and move towards our goal of creating a new high-grade iron-ore product source located near infrastructure in northern South Africa,” Nealon said.
AAI chairperson Anvwar Al Balushi was expected to visit South Africa in early 2014 to sign the shareholders’ agreement.
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