Ferrum Crescent takes advice after investor delays payment

8th May 2014 14:36

Iron ore miner Ferrum Crescent is seeking advice after an investment partner failed to make a payment for a 10m dollar stake in a South African project.Ferrum is taking the action after Oman-based Anvwar Asian Investment (AAI) requested a delay until May 26th of a second payment for the 35% interest in the Moonlight iron ore project in northern South Africa.Under its agreement with Ferrum struck in March, AAI was to make a second payment to the group by April 30th."Ferrum Crescent has been in discussion with AAI and is taking advice on the matter," Ferrum said.Ferrum's shares fell 0.35p or 28% to 0.9p by 15:12 in London.PW