Cape Lambert buys into Zambia cobalt project
PERTH (miningweekly.com) – ASX-listed Cape Lambert has signed a binding term sheet to acquire a 70% interest in the Kitwe cobalt/copper tailings project, in Zambia.
Under the terms of the agreement, Cape Lambert will pay $25 000 on the execution of a term sheet to acquire a majority shareholding in Zambian firm Australian Mining Company Zambia, which holds the Kitwe licence.
After executing the term sheet, Cape Lambert will have six months in which to exercise its option to spend $500 000 to acquire the interest.
Should the company exercise its option, the seller will also be entitled to a $50 000 payment upon the receipt of an environmental approval, a further $50 000 on the grant of a mining licence and another $50 000 on receiving an export licence for the Kitwe project.
Once Cape Lambert has acquired a 70% interest in the project, the company will be responsible for managing and funding the development of Kitwe, with the seller to be free carried until a decision to mine.
The Kitwe licence is estimated to contain some 17.72-million tonnes of tailings.
“The acquisition of this significant high-grade cobalt/copper tailings dam emphasises the company’s commitment to becoming a significant player in the cobalt sector,” said Cape Lambert executive chairperson Tony Sage.
“There will be obvious synergies available to us with our recently acquired Kipushi tailings project, located just over 170 km away across the border in the Democratic Republic of Congo."
The transaction is subject to the completion of a due diligence, and the execution of a share sale agreement by the end of May.
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