PERTH (miningweekly.com) – ASX-listed Cape Lambert on Thursday announced that it had been granted a mining licence for its own Marampa iron-ore project, in Sierra Leone.
“I am delighted that the Ministry of Mineral Resources has finally approved the grant of Marampa’s mining licence so that we can get on with the process of negotiating the mine lease agreement, which will provide another level of confidence for potential investors or acquirers of the project,” said executive chairperson Tony Sage.
The project currently comprises two granted exploration licences covering some 66 km2 and the project is estimated to host a Joint Ore Reserves Committee-compliant resource of some 681-million tonnes, grading 28.2% iron, of which 262-million tonnes is indicated and 419-million tonnes inferred.
In April last year, the Marampa project was issued its environmental licence, marking the first key step in the permitting process. By November of that year, the application for the large scale mining licence was lodged.
Cape Lambert this week signed a term sheet with Timis Mining, granting Timis the exclusive rights to purchase 100-million tonnes of oxide material, or a greater amount as defined by further drilling from Cape Lambert’s Sierra Leone projects.
The sales price for the oxide would range between $3/t and $5/t, potentially earning the ASX-listed company between $300-million and $500-million over the life of the mine.