Proactive Investors - Run By Investors For Investors

Cape Lambert Resources progresses funding initiatives to develop cobalt-copper project in DRC

A Chinese bank could provide a 6-month rolling $US40 million letter of credit to fund the Kipushi project.
DRC map
A site visit by two African banks has been completed

Cape Lambert Resources Ltd (ASX:CFE) continues to advance the funding process for the Kipushi Cobalt-Copper Tailings Project in the Democratic Republic of Congo (DRC).

A site visit by two African banks, which may provide the funding for the project, was completed last week.

Cape Lambert’s technical staff were on site assisting joint venture partner Paragon Mining SARL with the banks’ due diligence visit and in preparing all the necessary paperwork.

READ: Cape Lambert Resources up 30% after securing $15 million finance facility

Cape Lambert executive chairman Tony Sage said: “Given the difficulties over the past six months in this jurisdiction it is pleasing that the Company has been able to encourage several banks to complete a due diligence process on the project.

“Once the funding is complete, Paragon and the Company will renegotiate the JV to help progress the project.

“We sincerely thank Paragon for their ongoing commitment to the project that will allow us to be part of its future subject to Cape Lambert being able to secure funding.”

Cape Lambert is also in discussions with a large Chinese bank which has indicated it can provide a 6-month rolling $US40 million letter of credit facility to the company by onselling the offtake.

 

Cape Lambert recently revealed encouraging news from the Kipushi project, including a maiden JORC-compliant resource with contained metal valued at close to $1 billion.

The maiden copper-cobalt tailings resource amounts to 2.3 million tonnes at 0.33% cobalt and 1.0% copper.

Drilling has also revealed large high-grade zinc resources which provide the potential for an increase in project revenues.

View full CFE profile View Profile

Cape Lambert Resources Ltd Timeline

Related Articles

1542997473_serbian-landscape.jpg
November 23 2018
Freeport can earn into the two licences, which are within the southern portion of the Timok Magmatic complex
Surface rock samples from the BC project with visible gold and oxidised cobalt
March 12 2019
The company's field plans come after it potentially found the source of high-grade mineralisation.
Mark Wilson and Mark Creasy with a Nova-Bollinger core sample Creasy showed Wilson, telling him, ‘There’s what you’re looking for, now go find it’
February 20 2019
A Creasy team will move to Rockford next as exploration resumes.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use