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Ferrex seeks name change to Keras

Published: 05:52 24 Nov 2015 EST

Management
Ferrex is looking to change its name to better reflect its ongoing journey

Mining junior Ferrex (LON:FRX) wants to change its name to Keras to better reflect the future of the company.

It's holding a general meeting on December 10 to approve this and other share administration matters,  the company said, as it confirmed that mining engineer Peter Hepburn-Brown had joined the board today as a non-exec director.

Hepburn-Brown, 58, has more than 35 years' of international mining experience, having managed gold mines in Australia and internationally.

Last week, Ferrex (LON:FRX) revealed it is buying into a group of gold deposits in Australia to provide cash for its Togo manganese development.

In its first step in a new strategy away from iron ore, Ferrex is acquiring Aussie private company Chaffers Mining, which has an agreement to mine some of Norton subsidiary Paddington Goldfields’ deposits near Kalgoorlie.

Ferrex expects to start production in the second quarter of 2016 with only £300,000 of working capital expenditure and to start to generate cash almost immediately.

Ferrex shares are unchanged today at 0.40p.

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