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Ferrex PLC surges as Nayega project passes milestone

Last updated: 19:45 30 Oct 2014 AEDT, First published: 20:45 30 Oct 2014 AEDT

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Ferrex (LON:FRX) shares were among the star performers on Thursday after the company revealed the environmental permit at the Nayega manganese project has been granted.

The shares surged 15% to 0.89p after the project, in which Ferrex has an 85% stake, passed a crucial milestone.

The environmental permit sets the conditions for the operation of the mine and paves the way for the granting of the mining permit, which is expected by the end of the year.

The company also revealed it has received extensions on its prospecting permits after relinquishing 50% of the 92,000 hectare area as per the mining code. These permits have been renewed for two years and are renewable for one more period of two years subsequent to this.

The company is applying for additional ground in the area to maximise the possibilities of further exploration success at the asset, which is based in northern Togo.

Ferrex managing director Dave Reeves was understandably delighted at the award of the environmental permit, and said the renewal of the exploration permits also shows the support that the company has in Togo, and allows it to continue the ongoing exploration programme that is defining new manganese mineralisation outside the main Nayega deposit.

“We continue to focus on finalising the definitive feasibility study and securing the mining permit before the end of this quarter and look forward to providing updates in respect to this over the coming months," Reeves said.

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