MORNING11 Apr 2015 11:03
Ferrex plc / Index: AIM / Epic: FRX / Sector: Mining
15 September 2014
Ferrex plc ('Ferrex' or 'the Company')
Nayega Manganese Project, Togo - New Ferromanganese Strategy, Definitive Feasibility Study and Mining Licence Update
Ferrex plc, the AIM quoted iron ore and manganese development company focused in Africa, provides a strategic update from the 92,390Ha Nayega Manganese Project ('Nayega' or 'the Project'), held through Societe Generale de Mines, located in northern Togo. The Company is focussed on maximising the returns achievable from the Project and accordingly, will initiate a two phased approach in its development. The first phase is focussed on developing a low-cost 250,000 tonnes per annum, 38% marketable manganese product open-pit mine in the near-term, and the Company provides an update in respect to the Definitive Feasibility Study ('DFS') below. Phase two will see the Company develop an in-country smelting facility to produce a valuable High Carbon ('HC') Ferromanagnese alloy in Togo in the medium-term.
Overview
Phase 1: DFS Status
· Design and schedules for a 250,000tpa manganese mine have been completed
· Tailings dam design and report complete
· Water borehole drilling complete for the plant's operating requirements defined within 5km of the mine
· DRA, a leading South African gravity plant specialist, is due to finalise the processing and local infrastructure study in September 2014
· Environmental and social study submitted to Ministry of Environment with the permit award expected October 2014
· Mining Permit award expected Q4 2014
SO THE PERMIT WAS MOVED FROM Q4 2014 TO Q1 2015 THEN Q1 2015 TO Q2 2015.
LIKE I SAID IT WILL MOVE AGAIN TO Q3 2015 AND THATS WHEN THE SP WILL DROP HEAVYLY, IMO
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