Oman’s Anvwar Asian Investments (AAI) has settled with Ferrum Crescent to buy a 35% stake in Ferrum Iron Ore. AAI will pay Ferrum Crescent US$10 million for the shareholding and also invest USD 3.5 million to the Moonlight iron ore project. The Moonlight iron ore has a JORC compliant resource of 307.8 million tons at 26.9% Fe, and the construction of an adjacent beneficiation plant that will increase Fe content to 68.5%. AAI’s chairman Anvwar Al Balushi said they bought the share because of the growing importance of pellets to the global steel industry and the potential benefit of the South Africa-based mine toany future involvement by the firm in Oman’s steel market. After the deal, Ferrum Crescent owns 62%, AAI has 35% and the local community in Limpopo still keeps 3%.