Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Aim-listed manganese development and iron-ore exploration company Ferrex has raised £835 000, before expenses, through the placing of 127-million new ordinary shares to provide working capital to finalise the construction of its flagship Nayega manganese project in Togo, West Africa. Ferrex had finalised an accelerated start-up production plan for the 250 000 t/y project, which would deliver manganese ore production and near-term cash flow within eight months of commissioning. "We are delighted to have received such strong support from our shareholders for this placing. With these funds. . . initial production [is] currently anticipated at the beginning of 2016, subject to finalis[ing] the mining convention and secur[ing] the mining permit,” Ferrex CE Dave Reeves said.
Aim-listed manganese development and iron-ore exploration company Ferrex has raised £835 000, before expenses, through the placing of 127-million new ordinary shares to provide working capital to finalise the construction of its flagship Nayega manganese project in Togo, West Africa. Ferrex had finalised an accelerated start-up production plan for the 250 000 t/y project, which would deliver manganese ore production and near-term cash flow within eight months of commissioning. "We are delighted to have received such strong support from our shareholders for this placing. With these funds. . . initial production [is] currently anticipated at the beginning of 2016, subject to finalis[ing] the mining convention and secur[ing] the mining permit,” Ferrex CE Dave Reeves said.
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