LONDON (ShareCast) - 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

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