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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