Pepel port and Marampa railway upgrade to add value
Cape Lambert Resources has signed definitive agreements on its Marampa iron ore project between AIM-listed company African Minerals and China Railway Materials Commercial Corporation (CRM) for the development of African Minerals Tonkolili iron ore project, both in Sierra Leone, West Africa.
The agreements will add significant value to Marampa, with a key focus on the upgrade of the Pepel port and Marampa railway by 2011.
As part of its Phase One development of Tonkolili, African Minerals is planning to upgrade both the Pepel port and Marampa railway, including auxiliaries required for operation, to enable up to 8 million tonnes per annum of hematite iron ore to be exported by 2011.
Pursuant to Cape Lamberts initial investment in Marampa and the First Marampa Agreement, the company has ownership and access rights to the Pepel and rail infrastructure on commercial terms to be agreed. The company is currently finalising a commercial term sheet with African Minerals in respect of its ownership and access rights.
Marampa is connected to the deepwater port, stockpiling and ship loading facility at Pepel via the 84km Marampa railway.
Cape Lambert executive chairman Tony Sage, believes the signing of the agreements between African Minerals and CRM will provide benefits to Cape Lambert and Marampa on a range of levels.
The return to operation of the Pepel port and Marampa railway ideally positions Cape Lambert to extract full value for our Marampa investment, Mr Sage said.
Additionally, by having such a major Chinese group invest in Sierra Leone will continue to enhance that countrys standing as a suitable investment destination for major Chinese groups."
http://myresources.com.au/index.php/news/1349-marampa-iron-ore-moves-ahead ---------------------------------------------------------- Tues., 22nd June Beer O'clock
One more day to buy and get the dividend. Seven cents fully franked = ten cents as long as you hold for at least 45 days. What are the chances that in the next six months or so a REALLY positive announcement re: JORC reserves at Marampa, Sale of Sappes, DMC taken over and sold?, Pinnacle hits HUGE coal deposit, Xstrat decides to develop Lady Loretta, Corvette upgraded -- hey, the possibilities are endless. There are more than likely other prospects under management's radar. -----------------------------------------------------------You got to know when to hold em, know when to fold em, Know when to walk away and know when to run. You never count your money when youre sittin at the table. Therell be time enough for countin when the dealins done.
Now evry gambler knows the secret to survivin Is knowin what to throw away and knowing what to keep. Cause evry hands a winner and evry hands a loser, And the best you can hope for is to die in your sleep.
Kenny Rogers The Gambler
Cheers, doomdog [the patient]
CFE Price at posting:
43.5¢ Sentiment: Buy Disclosure: Held
(20min delay)