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Ferrum Crescent Ltd shuffles its directors deck

Published: 21:52 31 Mar 2016 AEDT

Iron-ore-stockpile
The company will focus on iron ore in South Africa and lead-zinc in Spain

Ferrum Crescent Ltd (LON:FCR) has promoted Justin Tooth, former key man at Ocean Equities and Pareto’s London arm, from non-executive chairman to executive chairman with immediate effect.

The change comes as managing director Tom Revy has also announced his resignation, having “substantially completed his mandate” by advancing Ferrum’s Moonlight iron ore project in South Africa.

Part of his success in that role was to bring in new joint venture partners who will help take the financial strain there.

Meanwhile, the company has also acquired an option over a Spanish lead-zinc project called Toral, and is currently working on that asset.

It’s noteworthy that both Tooth and Merlin Marr-Johnson, who has been retained as a consultant on the Toral project, are fluent Spanish speakers.

The company continues to seek out what it calls “additional high opportunity projects.”

The shares more than doubled to 0.24p on the news.