Cape Lambert Resources has been granted an Environmental License for its flagship Marampa iron ore project in Sierra Leone.
Importantly, the licence enables the company to apply for a Mining Licence over the project, a process which is expected to take about three months. This will significantly de-risk the Marampa project and clear the way for development of the project.
Cape Lambert also expects to finalise the Rail and Port Agreement with African Minerals Limited in the coming weeks. Under the binding Heads of Agreement, Marampa had access rights to export 2 million tonnes per annum of wet iron concentrate via the recently refurbished and currently operational Pepel rail and port infrastructure, as well as 16.5Mtpa via the port of Targrin when operational. However, African Minerals announced in December 2012 that it would not build the port of Tagrin, but would instead expand its operations at Pepel, requiring the parties to finalise revisions to the agreement. Marampa is a spectacular hematite project located 90 kilometers northeast of Freetown in Sierra Leone. It comprises of two licences, EL46A/2011 and EL46B/2011, with total JORC Resource of 680 million tonnes at 28.2% iron covering the Gafal, Matukia, Mafuri and Rotret deposits.
Cape Lambert currently has five interested parties in the data room, which could lead to an outright or partial sale of the asset.