re: Ann: Marampa Fe Project stake lifted to 1...
THE WEST AUSTRALIAN: Today's Business Headlines 26-November-09 http://www.wabusinessnews.com.au/en-story/1/76978/Today-s-Business-Headlines
Perth dealmaker Tony Sage has struck his second deal with Frank Timis in as many days, with the colourful Romanian-born businessman poised to nearly double the size of his stake in Cape Lambert Resources. ----------------------------------------------------------------------------------------- Cape Lambert buys rest of Marampa project.
By: Chanel Pringle / 25th November 2009 JOHANNESBURG (miningweekly.com) – ASX-listed Cape Lambert Resources would acquire the remaining 65% that it did not already own in the Marampa iron-ore project, in Sierra Leone, in a A$31-million share deal with Aim-listed African Minerals.
The Australian company already held a 35% stake in the project and had been granted an option to acquire the entire Marampa project for $200-million, less the value of previous share deals to acquire a stake in the project and the $25-million of funding provided for a feasibility study. It would now issue a further 57,2-million shares, in two tranches, to African Minerals, which would subsequently hold a 19,9% stake in Cape Lambert.
“Moving to 100% ownership of the Marampa project, with key infrastructure already in place, ideally positions Cape Lambert shareholders to receive the full project value that can be unlocked through our exploration and evaluation work programmes,” executive chairperson Tony Sage commented in a statement on Wednesday.
African Minerals, meanwhile, highlighted that the conclusion of this transaction would allow it to benefit from an indirect exposure to the project, without having to fund the construction and development. The Aim-listed company would now focus its attention on fast-tracking the development of its flagship 5,1-billion tons Joint Ore Reserve Committee-compliant resource at the Tonkolili project, also in Sierra Leone, and other associated infrastructure projects.
“Not only is this [transaction] a major step forward in consolidating the relationship between [Cape Lambert and African Minerals], but it also provides African Minerals with the necessary operational and financial flexibility to intensify our focus on our core project at Tonkolili,” African Minerals executive chairperson Frank Timis noted.
The Parliament of Sierra Leone had, earlier this year, ratified a 99-year lease of rail and port infrastructure at the Pepel port for Cape Lambert and African Minerals. The company would have access to an 84-km railway line to the existing deep water port, as well as access to stockpiling and ship loading facilities at the port. Meanwhile, Cape Lambert highlighted that planning for exploration work at Marampa in 2010 was advanced, with groundwork on two additional drill targets under way. Cape Lambert was evaluating submissions from a number of drill contractors for the 2010 drilling programmes, it said.
Eight holes had already been drilled with samples having been sent to Australia for head grade analysis and metallurgical test work. The first assay results would be completed in early 2010, the company noted. Additional ground geophysical surveys to identify new drilling targets were also scheduled to take place soon.
http://www.miningweekly.com/article/cape-lambert-buys-rest-of-marampa-project-from-african-minerals-2009-11-25 ----------------------------------------------------------------------------------- And my 10cents worth. http://www.hotcopper.com.au/post_single.asp?fid=1&tid=1047227&msgid=5834039
CFE Price at posting:
53.5¢ Sentiment: None Disclosure: Not Held
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