Name and Location
Moonlight Crescent iron-ore project, Limpopo, South Africa.

Client
Ferrum Crescent.

Project Description
The Moonlight Crescent iron-ore project, located on the three farms Moonlight, Julietta and Gouda Fontein, in Limpopo, has been configured as a 4.5-million-tonne-a-year pelletised iron-ore concentrate operation. The project is expected to produce iron concentrate of about 69%.

In April this year Ferrum updated the Joint Ore Reserves Committee- (Jorc-) compliant mineral resource to an estimated 307-million tonnes at 26.9% iron. This includes 172.1-million tonnes at 25.3% iron in the inferred category, 83-million tonnes at 27.4% in the indicated category and 52.6-million tonnes at 31.3% iron in the measured category.
The updated Jorc resource forms an important part of Ferrum’s plans to progress the project’s bankable feasibility study (BFS) in 2014. Ferrum says that not only is the mineral resource suitable to inform the more detailed feasibility study work to come, but the up-to-date assessment of “reasonable prospects for eventual economic extraction” gives further confidence in the project’s potential.

Value
The total value of the project has not been disclosed.

Duration
Construction at Moonlight is expected to start by 2015 and will be completed by 2018.

Latest Developments
Ferrum has received the first $500 000 tranche from Oman-based investment firm Anvwar Asian Investment (AAI), as a part of a final investment agreement with AAI to progress the BFS at the Moonlight project.

Ferrum announced in March that it had signed a final investment agreement with AAI, which would result in the company receiving $10-million in exchange for granting it 35% in its subsidiary Ferrum Iron Ore, the holder of the Moonlight assets.

Ferrum expected a further tranche to be paid by AAI by April 30 and, following receipt of this payment, the company planned to start the BFS.

Key Contracts and Suppliers
ProMet Engineers (detailed scoping study) and Mineral Corporation Consultancy (updated resource estimate).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Ferrum Crescent, tel +27 11 510 0159, fax +27 86 219 5701 or email info@ferrumcrescent.com.
ProMet Engineers, tel +27 21 556 9759, fax +27 21 556 9758 or email info@promet.co.za.