The group has acquired an Iron Ore asset from Australian Exchange-listed mining company Ferrum Crescent Iron Ore Company. The asset is located in Limpopo Province of South Africa and has JORC compliant Resources of 307 Million Tonnes of Magnetite Iron Ore. Most of the approvals are in place. However, water use licence would have to be applied with DWS. As per Technical Scoping work, the project envisages production of Iron Ore Concentrate of 1.3 MTPA from 2.86 MTPA of ROM and its logistics/marketability to local consumers as well as the overseas market through Richards Bay Coal Terminal and subsequently for production of Iron Ore Pellets @ 1.2 MTPA in modules (0.6 MTPA) and its marketing thereof. The company is in process to undertake Feasibility Studies (Basic/Detailed Engineering) of the project.