President Re-elected in Togo
Ferrex plc / Index: AIM / Epic: FRX / Sector: Mining
6 May 2015
Ferrex plc ('Ferrex' or 'the Company')
President Re-elected in Togo
Ferrex plc, the AIM quoted manganese development and iron ore exploration company focused in Africa, would like to inform shareholders that results of Togo's Presidential election on the 25th of April have been announced, with incumbent Faure Gnassingbe sworn in to office by the Constitutional Court on Monday the 5th of May.
Ferrex Managing Director Mr. Dave Reeves said, "I am pleased that the Togolese people have exercised their democratic rights and I would like to congratulate President Gnassingbe and his Party on his re-election. This continuity in leadership is a positive for the Company, as the Government has been very supportive of our plans to develop the Nayega Manganese Project. We will continue to work closely with the Government of Togo to ensure the Nayega exploitation permit is granted as soon as possible so we can proceed with development of the project for the mutual benefit of the Togolese people and Ferrex shareholders. I look forward to providing updates on this and other matters as information comes to hand."
**ENDS**
For further information visit www.ferrexplc.com or contact the following:
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Dave Reeves |
Ferrex plc |
+44 (0)20 7220 0500 |
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Nominated Adviser |
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William Vandyk/David Hignell |
Northland Capital Partners Limited |
+44 (0) 20 7382 1100 |
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Broker |
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Elliot Hance/Saif Janjua |
Beaufort Securities Limited |
+44(0)20 7382 8415 |
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Financial PR |
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Felicity Winkles/ Elisabeth Cowell |
St Brides Partners Limited |
+44 (0) 20 7236 1177 |
Notes
Ferrex plc is an AIM quoted, leading manganese development and iron-ore exploration company in Africa. The Company is focussed on advancing low capex deposits, which benefit from proximal established infrastructure, up the development curve and into production. Ferrex has a solid portfolio of assets including three primary projects: Nayega Manganese Project in Togo ('Nayega'), Mebaga Iron Ore Project in Gabon ('Mebaga'), and Malelane Iron Ore Project in South Africa ('Malelane').
At Nayega, Ferrex is currently concluding a Bankable Feasibility Study and expects award of the mining permit in mid 2015. A Scoping Study indicates that Nayega could produce 250,000 tonnes per year of manganese concentrate at 38%. A Scoping Study on a ferro manganese plant in Togo has also been concluded and shows a lowest quartile operation with robust economics. The company is focussed on bringing the mine into production on grant of the mining permit whilst advancing the ferro manganese studies.
In parallel with this, Ferrex is focussed on proving up resources at its Mebaga concession in Gabon. An exploration target comprising 90 to 150Mt @ 35 to 65% Fe (oxide material) and 550 to 900Mt @ 25% to 40% Fe (primary material) has been estimated for Mebaga. The oxide target will incorporate both DSO* and bBSO* material. Ferrex completed a preliminary drill programme at Mebaga that intersected significant widths of both DSO and bBSO mineralisation.
The Company also holds the Malelane Iron Ore concession in eastern South Africa. A Scoping Study on Malelane has demonstrated its potential to produce 1.8Mtpa of beneficiated ore per year, with initial capital expenditure of $139m, a payback of 1.9 years, a Net Present Value of US$523m (10% discount rate) and a 16.6 year life-of-mine.
Ferrex has 1,100,794,390 shares in issue. The Directors have subscribed for and purchased approximately 25.4% of the issued share capital of the Company and are thus aligned with shareholders' interests.
This information is provided by RNS
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