Ferrum Crescent (LON:FCR), which is currently moving through the BFS (bankable feasibility study) for the Moonlight iron ore project in South Africa, named a new chief executive and managing director today for its completion.
Tom Revy, a mining professional with 30 years' experience who was development director at Worley Parsons, takes up the role.
Bob Hair will become executive director having been managing director, the company said.
Separately, the company revealed a variation to the terms of its agreement with Anvwar Asian Investment in relation to the purchase by AAI of a 35% stake in the project.
Under the amendments, AAI will still pay a total of US$10 million to Ferrum for the stake.
The initial payment of US$1mln will be paid by mid-March 2014, and thereafter, commencing in May 2014, AAI will pay US$0.5mln each month until the full purchase price has been paid.
In addition, AAI will advance to Ferrum in Australia an additional US$1.5mln to assist with the BFS costs, by way of payments of US$0.5mln per month
The schedule will only be accelerated if the BFS is carried out in less than 24 months.
The staggered payment schedule protects funds from currency fluctuation risk and tracks necessary spending as the Moonlight BFS continues, Ferrum said.