Cape Lambert Resources (ASX:CFE) has been granted a large scale mining licence for its wholly-owned Marampa Iron Ore Project in Sierra Leone and will now negotiate a mine lease agreement.
Marampa is a brownfields hematite project with total JORC Resources of 681 million tonnes at 28.2% iron at a 15% iron cut-off.
With the grant of the Mining Licence, Cape Lambert will commence negotiations with the Ministry of Mineral Resources on the mine lease agreement.
This will take between 6 to 9 months to finalise.
"I am delighted that the MoMR has finally approved the grant of Marampa's Mining Licence so that we can get on with the process of negotiating the mine lease agreement, which will provide another level of confidence for potential investors or acquirers of the project," Cape Lambert executive chairman Tony Sage said.
Analysis
The grant of the Mining Licence provides potential project investors or acquirers with another level of confidence.
This is timely given yesterday's agreement with Timis Mining that could provide Cape Lambert potential payments of up to US$56 million over four years.
Source: www.proactiveinvestors.com.hk |