African Minerals and China Railway Materials move ahead with Tonkolili Iron Ore Project
Australian resources and investment company, Cape Lambert
Resources (ASX: CFE), has advised that definitive agreements
have been signed between AIM listed company African Minerals
(AIM: AMI) and China Railway Materials Commercial Corporation
(CRM) for the development of AMI’s Tonkolili project
and CFE's 100%
owned Marampa project.
Both iron ore projects are located in Sierra Leone, West Africa.
The signing of the Agreements will, in the company’s view, add significant value to Marampa, located approximately 100km south-southeast of Tonkolili, as a key aspect of the Agreements is the upgrade of the Pepel port and Marampa railway by 2011.
African Minerals are set to secure Chinese funding to underwrite Phase One hematite development at its Tonkolili project.
As part of its Phase One development of Tonkolili, AMI 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 Lambert’s initial investment in Marampa and the First Marampa Agreement dated 1 October 2008, the company has ownership and access rights to the Pepel & 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 deep-water port, stockpiling and ship loading facility located 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,” Sage said.
“Additionally, by having such a major Chinese group invest in Sierra Leone will continue to enhance that country’s standing as a suitable investment destination for major Chinese groups,” Sage added.
Ross Levin has been appointed to the Board of Directors as an Independent, Non-Executive Director, effective 1 April 2010.
Mr. Levin holds degrees in both Law and Economics and has extensive experience with business sales and acquisitions, corporate restructuring and takeovers and is currently a senior partner in the commercial division of Rigby Cooke Lawyers, where he specialises in workplace relations in the mining, infrastructure and construction industries.
Commenting on the appointment, Sage said “the additional board appointment will enable the company to maintain an appropriate balance of executive and independent, non-executive directors in line with ASX’s Corporate Governance Principles and Recommendations.”
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