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Cape Lambert Resources looks to resurrect iron ore project in Sierra Leone as metal price rises

Snapshot

In 2014, the Marampa project was granted its mining licence and also achieved the issuance of its environmental licence. Cape Lambert is now reapplying for the licence.

Cape Lambert Resources Limited - Cape Lambert Resources looks to resurrect iron ore project in Sierra Leone as metal price rises

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ASX:CFE
Market: ASX
Market Cap: $3.47 m
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Cape Lambert Resources Ltd (ASX:CFE) has developed a clear way forward and is progressing the licensing application process for the Marampa Iron Ore Project following recent positive meetings with officials from the Government of Sierra Leone.

Given the current iron ore price, Cape Lambert will now focus on the development of the project 90 kilometres northeast of Freetown in Sierra Leone, West Africa, which has been under care and maintenance since April 2015.

Cape Lambert executive chairman Tony Sage said: “Cape Lambert is focused on the development of the Marampa project to bring it to its long-awaited production for the benefit of our shareholders as well as the people of Sierra Leone.

“We look forward to working with interested parties and the government to mine and process the oxidised ore on the Marampa project licence that the company is reapplying for.

“We will also work with all parties that have the rights to the existing plant, rail and port which to this day lay idle.”

Background

In 2014, Cape Lambert’s Marampa Project was granted its mining licence ML05/2014 and also achieved the issuance of its environmental licence.

In October 2014, Cape Lambert entered into a funding agreement with Timis Mining Corporation, which had acquired the assets of London Mining Marampa Mine Assets located on the adjacent mining licence ML02/09.

Shipment of iron ore from Freetown Port.

The funding arrangement gave Timis Mining exclusive rights to purchase and exploit, at their own expense, up to 100,000,000 tonnes or any other greater amount as defined by further drilling of oxidised ore from Cape Lambert’s Marampa Project.

Timis Mining later fell into administration due in part to the Ebola outbreak and a dramatic fall in the iron ore price (to as low as $US38/ tonne).

Marampa Mines Railway, Sierra Leone

In 2017, Gerald Metals obtained a new licence over ML02/09 and undertook refurbishment work on the process plant to recommence production.

On 3 August 2019, the government announced that it had temporarily suspended Gerald Metals Marampa Mine licence.

The government has now confirmed that on 9 October 2019, it cancelled Gerald’s licence with respect to the Marampa Mine.

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