few bits and pieces from intrims.12 Jun 2015 18:42
Full details of the DFS, including economics, will be released once a third party review has been conducted and the Mining Permit granted.
so no DFS until the permit is issued, so 5- 6 months, also imo I think the DFS is not that great or they would be hitting the market with it instead of hiding it.
Discussions with several parties on funding for construction of the operation are underway. Technical and legal documentation is under review, with due diligence evaluation and field visits expected to continue in the next reporting period.
so they are going to continue after next reporting period which is septermber.
The accounting loss before and after tax for the six months ended 31 March 2015 was £713,000.
As at 31 March 2015 the Group had cash of £452,000. During the period, Ferrex raised a total of £1,135,000, via a placing in February 2015 of £835,000 and a £300,000 loan provided by our Managing Director Mr David Reeves. The majority of cash expenditure during the six month period was expended on advancing our Nayega manganese project DFS, legal expenses associated with finalising the mining convention, listing & corporate expenses and to a lesser extent expenditure on our iron projects in Gabon and South Africa. Further information of the financial results is contained later within this announcement.
expect a placing soon, even though DR has lent them cash at a huge interest rate.
Subsequent to the reporting period we have announced completion of the DFS and a maiden reserve at the Nayega manganese project. We remain confident and look forward to the mining permit for the project being issued in the coming months - this is the major condition to finalising funding to commence development of the project. We continue to engage to potential funders and product offtakers and would like to have this concluded shortly after the award of the mining permit.
again the reiterate MONTHS re permit and if you notice no permit no FUNDING so it would be curtains if no permit.