Cape Lambert sees the finish line at Marampa
PERTH (miningweekly.com) – ASX-listed Cape Lambert is advancing what will become Sierra Leone’s third iron-ore project, preparing to lodge a mining licence application for the 681-million-ton Marampa project.
The granting of the licence will be the final step in the permitting process to start production.
Once granted, the mining licence would significantly de-risk the project and would add considerable value for potential investors by clearing the way for immediate development, said executive chairperson Tony Sage.
“Marampa has proven itself to be a financially robust project. The granting of the mining licence will significantly enhance the asset’s appeal to potential buyers and, in turn, create considerable value for our shareholders.”
Cape Lambert has been actively seeking a buyer for an equity stake in the project, which covers four deposits and two granted exploration licences.
Meanwhile, Sage said this week that an infrastructure agreement with Aim-listed African Minerals would likely be finalised in the next two weeks.
The infrastructure agreement provided a clear bulk commodity transportation strategy for the Marampa project, allowing Cape Lambert to export some two-million tonnes a year of concentrate through the recently refurbished and operational Pepel rail and port infrastructure.
African Minerals also had the option of purchasing some two-million tonnes a year of Marampa concentrate at mine gate, for the first three years of production.
Cape Lambert also told shareholders this week that it would likely report an impairment charge of more than A$119.9-million for the year ended June, following a review of the carrying value of exploration projects.
The impairment, which included a A$107.5-million charge on exploration assets, resulted from the accounting values attributed to exploration assets acquired between 2009 and 2011.
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