so whats cape lambert worth, page-72

surprised to read more on this Delta/western cluster bid this morning. I had assumed that it was all over or just some mis-reporting (the inclusion of cape lambert iron ore as one of Delta's partners in the bidding) as nothing has been announced or mentioned from Cape lambert or Mr Sage to my knowledge-(correct me if I'm wrong here) anyhow I have added it onto the original that I posted back in August, so
hit "view thread" to get the original info regarding this western cluster iron ore project. I think I may have posted more on this project early on as I was following it for a time-then decided it was a non event or misinformation.

Cheers
Claire


Delta may challenge Liberian iron ore tender ruling

It is reported that Delta Mining Consolidated is considering an appeal against a ruling that it has to bid again for the Western Cluster iron-ore project in Liberia.

Delta had earlier won the USD 1.6 billion tender to develop the iron ore project, including a mine, palletizing plant and infrastructure. Planned production is expected to be 5 million tonnes a year each from the Mano River and Bomi deposits and 10 million tonnes a year from the Bea deposit. In September 2008, Liberia said it had cancelled the contract, and banned Delta and TATA Steel from rebidding.

Delta lodged a complaint with Liberia’s Public Procurement and Concessions Commission on the grounds that the government’s decision was based on reports unsupported by any evidence. The commission ruled the government action was unlawful, but a clause in the tender documents gave it the power to cancel the bidding process and restart it.

Mr Heine van Niekerk CEO of Delta said that “Our lawyers are reviewing the panel’s rulings in this regard and will if necessary pursue all further legal avenues available to us to challenge these aspects of the panel’s ruling.”

Delta wanted the award reinstated, as having to re bid would involve extra costs and a further delay in starting the project.

Mr Van Niekerk confirmed the cost of the project would still be USD 1.6 billion as the costs of inputs such as diesel had fallen and that original partners in the project were still fully committed. Delta’s partners in this project are the Industrial Development Corporation, Cape Lambert Iron Ore, The Mineral Corporation and Canaccord Adams. Funding was still in place on the original terms.
http://steelguru.com/news/index/2008/11/29/NzMyOTg%3D/Delta_may_challenge_Liberian_iron_ore_tender_ruling.html