Ferrum’s JSE shares fall as it plans withdrawal from South African iron-ore project

Ferrum Crescent’s share price on the JSE fell by 25% on Friday as the company announced it would withdraw from the Moonlight iron-ore project, in South Africa’s Limpopo province, unless an alternative development opportunity can be secured in the short term. This follows after the February termination of a joint venture (JV) agreement with Business Venture Investments (BVI), which had intended to earn a 43% interest in the project, in exchange for funding a bankable feasibility study (BFS) on the project. BVI had been unable to fund the BFS.