Justin Tooth, Executive Chairman of Ferrum Crescent, today commented:
In the quarter under review we focused on dual elements; we continued to work towards progressing our Moonlight project whilst our exclusive option over promising brownfield lead‐zinc assets in Spain required careful evaluation and negotiation. At Moonlight, we have been reviewing and discussing development pathways with potential engineering partners for a possible reduced cost production model.
Regarding Spain, following two short nil‐cost option extensions to ensure that the vendors had addressed the various conditions precedent to the Board’s satisfaction, in late September the Company exercised its right to acquire 100% of Goldquest and its promising lead‐zinc assets. We are now progressing exploration activities at the Toral project site and have simultaneously begun to reassess the considerable amounts of historical geological data on the asset and prepare it for suitable recodification and release. I look forward to updating the market further in due course.
The September Quarter continued a transformative year for GMEL, with the announcement of a subscription agreement and the commencement of a strategic relationship with leading rare earth company Shenghe Resources Holding (Shenghe).
The rare earth sector, by virtue of the extended industrial chain, necessitates that the mining end requires integration with strong downstream processing proficiency to create a strong business. This emphasizes the importance of aligning the Kvanefjeld Project with a strong global industrial partner.
Shenghe has strong competencies across all aspects of the rare earth industrial chain, and has an international customer base with a strong international growth strategy. Subject to shareholder approval, Shenghe, through its subsidiary Le Shan Shenghe Rare Earth Co., Ltd, will become a 12.5% shareholder in GMEL.
Together, GMEL and Shenghe aim to further lower the cost structure of GMEL’s 100% owned Kvanefjeld Project, ensure the project is optimally integrated with downstream processing, and ultimately develop the Project as a cornerstone to future international rare earth supply.
THOR Mining announce a capital re-organisation – to see the full announcement click below.
In September, an event of some significance happened for the quoted REIT sector: MSCI, the global index provider, expanded its headline Global Industry Classification Standard index from 11 equity sectors to 12. This will affect the S&P Dow Jones indices, but not the FTSE Russell indices. The UK FTSE-A index will still have 11 sectors, with REITs and property companies being two respective sub-sectors under Financials. This change, however, reflects the growing importance of REITs and property companies in the equities market and may well have the effect of increasing trading activity and encouraging flotations.
Episode 14 of Share Views, Zak Mir introduces Oil Shares expert Malcolm Graham-Wood who talks about HUR, SOU, FPM and more.
Thursday 3rd & 17th November 2016 at The Cote, St Pauls, London
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