Cape Lambert Resources Ltd (ASX:CFE) to gain full ownership of Marampa

Company News

Australian resources and investment company Cape Lambert Resources Ltd (ASX:CFE) says it plans to gain full ownership of the Marampa iron ore project in Sierra Leone, West Africa.

The company currently holds a 63% stake in the project and is proposing to acquire the remaining 37%, subject to shareholder approval at a general meeting scheduled for January 25.

Cape Lambert also noted that a recent investment by China Railway Materials Commercial Corp in African Minerals Tonkolili iron ore project, located northeast of the Marampa project, has given African Minerals the funds to update the Pepel port and Pepel Lunsar railway.

As part of Cape Lambert investment in Marampa, the company has access rights to these infrastructure facilities on commercial terms to be agreed.

Executive Chairman Tony Sage says the return to operations of the Pepel port and Marampa railway ideally positions Cape Lambert to extract full value for its Marampa investment.

Cape Lambert Resources posted profit of $229 million for fiscal 2009.