Ferrex plc an AIM quoted African focused iron ore and manganese Development Company announce its results for the period from incorporation on 23 August 2010 to 30 September 2011.
Overview
1. Admitted to AIM in July 2011 raised GBP 2 million before expenses to facilitate project development, acquisitions and provide access to equity capital markets
2. Focussed on advancing iron ore and manganese projects in Africa through defined exploration and development programs
3. Multi-project portfolio offering significant near-term value uplift potential through resource definition programs
4. Solid future project pipeline targeting additional manganese and iron projects with low capital expenditure
5. Already delivered on corporate strategy since AIM admission secured a significant manganese project in northern Togo
6. Aims to become a medium scale, low-cost producer of minerals for the steel industry
7. Strong market fundamentals underpinned by the robust steel market growth in the long term
8. Highly skilled Board and Management team with extensive experience developing resource projects in Africa directly involved in development of mining projects comprising investments in excess of USD 1 billion
Mr Dave Reeves Ferrex Managing Director said "Since our successful admission to AIM in July 2011, we have delivered on our key objectives of building and advancing an exploration and development company focused on iron ore and manganese assets in Africa. We have a solid portfolio of assets in close proximity to infrastructure and with the potential to fast-track production.”
He said that "It is our intention to publish maiden JORC resources on our Malelane iron ore and Leinster manganese projects in South Africa and at our recently announced Nayega manganese deposit in northern Togo in the first half of 2012. This will enable us to accelerate our projects through to the feasibility stage with a view to production. In addition, we are actively appraising further prospective iron ore and manganese projects throughout Africa to complement our existing assets and broaden our portfolio. With these developments in mind, I believe we are in a strong position to hit our key milestones in 2012 and generate significant value for shareholders, and have the foundations in place to fulfill our mid-term strategy of becoming a medium scale, low-cost producer of minerals for the steel industry."
