Australian resources and investment company, Cape Lambert Resources Limited is pleased to advise that major shareholder and fellow Sierra Leone focused iron ore company African Minerals Limited has successfully achieved its target 20Mtpa export run rate during Q2 2013. African Minerals holds a 17.9% interest in CFE and operates the Tonkolili iron ore mine in Sierra Leone. Cape Lambert is developing the Maramapa Iron Ore Project in Sierra Leone and as a result of binding agreements with African Minerals has access to its rail and port infrastructure.
The board of Cape Lambert would like to acknowledge and congratulate African Minerals on the reaching of this important milestone, not least for the continued confidence it brings to the Sierra Leone iron ore industry, but also for the significant positive impact this project has had, and will continue to have, on the Sierra Leone economy. “We believe this milestone is important for African Minerals, Sierra Leone and Cape Lambert as it is clear evidence of what positive impacts the development of the iron ore industry in Sierra Leone can have on the whole country,” Cape Lambert Chairman,” Mr Tony Sage said. “This milestone also confirms that the key infrastructure being utilised by African Minerals, which Cape Lambert also has access to, is capable of meeting the demands of this industry,” he added.
African Minerals was able to meet this milestone, which is in line with previous guidance following the completion and commissioning of the high capacity second car dumper at Pepel Port. The Marampa Project received its Environmental Licence in April 2013 and it is expected that the application for the Mining Licence will be lodged within the coming weeks. The receipt of the Mining Licence will be a significant milestone and de-risk the Marampa Project for potential buyers.