Ferrum Crescent to Begin First Phase of Moonlight BFS in Q4

Mining Weekly reported that iron ore explorer Ferrum Crescent (ASX:FCR) will begin the first phase of a bankable feasibility study at its Moonlight project in Limpopo in the fourth quarter.
As quoted in the market news:

This followed the signing of a farm-in and joint venture agreement with Business Venture Investments No. 1709 (BVI), which would fund the BFS in return for an up to 43% equity interest in the project’s holding company Ferrum Iron Ore (FIO).
The agreement effectively terminated a previous memorandum of understanding between Ferrum and Principle Monarch Investments, which would have acquired a 39% interest in FIO in return for funding the BFS.
“It has been a very long road in extremely difficult market conditions but, finally, we have a fully committed and binding agreement in place for completion of the Moonlight project BFS,” Ferrum MD Tom Revy pointed out.
The first phase would focus on updating and completing a study on the best short-term business case model, based on technical, financial and committed domestic offtake details. The study was expected to be completed within 12 months, and would see BVI earn an initial 14% equity interest in FIO.

Click here to read the full Mining Weekly report.