Ferrex expects maiden resources very soon

Ferrex, the Africa-focused iron ore and manganese explorer, says two of its projects will provide "maiden resources" in the next six months.

Its Malelane iron ore mine in South Africa is expected to deliver product in the first quarter of this year. The Nayega manganese project in Togo is set to deliver by the end of June.

Ferrex share had risen 15.7% by 11:15 on the news.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

The company's managing director Dave Reeves said "unexpected high grade mineralisation" had been found at Malelane while at Nayega the firm believes ore can be mined "easily".

He added: "With these developments in mind, we look forward to advancing both projects up the development curve with a target of completing the bankable feasibility on Nayega and the pre-feasibility study on Malelane by the end of 2012."

BS