Marampa production ceased - Cape Lambert
PERTH (miningweekly.com) – Production at the Marampa iron-ore mine, in Sierra Leone, has been ceased, ASX-listed Cape Lambert Resources reported on Tuesday.
The company, which is due royalty payments from the operation, has told shareholders that reports of sabotage at the mine have emerged; however, these were yet to be verified.
“The unforeseen issues at the Marampa mine are disappointing and we are hopeful they will be resolved soon and production will recommence,” said Cape Lambert executive chairperson Tony Sage.
In January this year, Cape Lambert received its first royalty payment of A$400 000 from Timis Mining following the shipment of first iron-ore concentrate from the project in December last year.
Cape Lambert last year entered into a $20-million funding agreement with Timis Mining, under which the Australian company provided Timis with funding for its acquisition of the Marampa project from the administrators of London Mining.
Under the agreement, Cape Lambert would receive $2/t of iron concentrate exported by the mine, which would be payable on a quarterly basis.
Sage noted that for the March quarter, a further seven shipments had been made, with Cape Lambert set to receive a royalty payment of around $1.4-million.
Meanwhile, the administrators of African Minerals have informed Cape Lambert that more than 122-million Cape Lambert shares held by African Minerals, would be sold.
The timing of the sales process had not yet been finalised, but Sage said on Tuesday that the company was in discussions with the administrators to ensure that the holding would be sold in a manner that would not be detrimental to Cape Lambert itself.
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