Cape Lambert signs over cobalt rights in DRC
PERTH (miningweekly.com) – ASX-listed Cape Lambert has entered into a binding term sheet with fellow-listed FE Limited to assign its rights over the Kasombo copper-cobalt project, in the Democratic Republic of Congo.
Cape Lambert established rights to the Kasombo project in May this year after signing a joint venture agreement with Paragon Mining.
Once the agreement with FE has been settled, that company would assume all responsibilities and obligations in regards to exploration and development of the Kasombo project, allowing Cape Lambert to focus its efforts and funds on bringing the adjacent Kipushi tailings project, and the Kitwe tailings project, in Zambia, into production within the earliest possible timeframe.
In return for its rights over the project, Cape Lambert will be issued 25-million fully paid ordinary shares in FE, a A$50 000 nonrefundable deposit on the execution of a term sheet, A$75 000 three months after the settlement, and a further 10-million fully paid ordinary shares in FE will be issued to the facilitator of the transaction.
The agreement was subject to a number of conditions, including shareholder approval, the completion of due diligence, and the execution of a formal agreement.
The Kasombo project comprises three mineralised areas of around 600 ha within two granted mining licences.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation