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Ferrum Crescent sees lower-cost option for Toral, pulls fundraising

Ferrum Crescent Ltd. said Oct. 5 that it believes that it is possible to develop the Toral zinc-lead asset in Spain for a lower cost than planned and is therefore withdrawing the resolution for seeking shareholder approval at the Oct. 18 annual general meeting for a A$2.7 million fundraising.

The group said that following the resignation of its executive chairman the previous week, it has been in the process of a comprehensive operational review focused on maximizing value from Toral. Initial work has shown that developing the asset would not require the full A$2.7 million.

Ferrum Crescent will announce the final results of the operational review in due course.