Iron ore firm lists on AIM

FERREX, an African focused iron ore and manganese development firm, has listed on London’s alternative investment market (AIM) in a deal which will value the company at £15.5m.

The firm, which specialises in minerals primarily used to produce steel, raised £2m by listing new shares at 3p apiece today.

The money raised will be used expand its portfolio of iron ore and manganese projects in South Africa and Mozambique, where most of its developments are based.

“Our mid-term production horizon ideally positions Ferrex to capitalise on the increasing world demand for steel, which is the primary market for iron ore and manganese,” said chief executive Dave Reeves.