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

Client
Ferrum Crescent.

Project Description
The Moonlight Crescent iron-ore project, located on Moonlight, Julietta and Gouda Fontein farms, 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 is engaging with several parties, including Oman-based investment company Anvwar Asian Investment (AAI), to secure funds of between $10-million and $13-million that will enable the company to complete the full bankable feasibility study (BFS) for its Moonlight iron-ore project.

Ferrum has received a single payment of $500 000 from AAI in accordance with an agreement signed between the two companies; however, the agreed-upon second payment of $500 000 has not been made and Ferrum is in discussions with AAI over its breach of contract.

Ferrum is also in discussions with other parties, with the company considering financing options that will secure optimal partnerships for the completion of the BFS and beyond.

Ferrum is also reviewing the use of established infrastructure for transportation.

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.