Oman’s AAI Buys Shares of Ferrum Iron Ore

  • Thursday, October 10, 2013
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  • Keywords:Iron Ore
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Oman’s Anvwar Asian Investments (AAI) has settled with Ferrum Crescent to buy a 35% stake in Ferrum Iron Ore.
 
AAI will pay Ferrum Crescent US$10 million for the shareholding and also invest USD 3.5 million to the Moonlight iron ore project.
 
The Moonlight iron ore has a JORC compliant resource of 307.8 million tons at 26.9% Fe, and the construction of an adjacent beneficiation plant that will increase Fe content to 68.5%.
 
AAI’s chairman Anvwar Al Balushi said they bought the share because of the growing importance of pellets to the global steel industry and the potential benefit of the South Africa-based mine toany future involvement by the firm in Oman’s steel market.
 
After the deal, Ferrum Crescent owns 62%, AAI has 35% and the local community in Limpopo still keeps 3%.
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