The ownership of the Marampa Iron Ore Project (Marampa Project) located within exploration license EXPL 09/06, which was held in the name of Marampa Iron Ore (SL) Limited, has now been acquired by Cape Lambert Resources Ltd (Cape Lambert).
The Country Manager of Cape Lambert Resources Limited, Chris Gbyl told the Awareness Times Newspaper on Tuesday 9th March 2010 that the acquisition of 100% of the Marampa Project was achieved through the purchase of the shares held by African Minerals Limited (AML) in Marampa Iron Ore Limited, the parent company of Marampa Iron Ore (SL) Limited with effect from 25th January 2010.
Giving a brief history of the investment of Cape Lambert in the Marampa Project, Mr. Gbyl cited that on 1st October 2008, Cape Lambert formalized an agreement (First Marampa Agreement) to acquire a 30% investment in the Marampa Iron Ore Limited, a wholly owned subsidiary of AML, and the owner of the Marampa Project.
He said under the terms of the First Marampa Agreement, "Cape Lambert paid an initial scrip consideration of 44 million Shares, committed to sole fund US$25 million towards a feasibility study, and assumed management of the Marampa Project. Cape Lambert was also granted an option to acquire the remaining portion of Marampa Iron Ore Limited for US$200 million less the value of scrip issued and feasibility study expenditure incurred to the date of exercising the option".
He furthered that Cape Lambert assumed management of the Marampa Project on 1st October 2008 and commenced mobilization and field work in January 2009. He added that on the 22nd January 2009, Cape Lambert increased its investment in Marampa Iron Ore Limited to 35% with a further scrip consideration payment of 17 million Shares.
"On 25th November 2009, Cape Lambert announced that it had entered into an agreement to increase its stake in Marampa Iron Ore Limited from 35% to 100% through an all scrip deal with AML valued at $31 million in two trenches" he explained, adding that Cape Lambert is operating over 27 (twenty-seven) mining projects worldwide.
He cited that over the years, Cape Lambert has been engaging on several community developmental projects within the Lunsar community, such as, constructing and renovating water wells, schools, council buildings, refurbishing medical centers, markets, among others. He said one of the companyís pipeline projects is to award scholarship to over 200 pupils in Lunsar. At present, he went on, the Cape Lambert project has created employment for over 210 (two hundred and ten) Sierra Leonean youths in Lunsar and hope to employ more as the project expands to other communities in the country.
The Country Manager denies rumours that Cape Lambert is a section operating under African Minerals. According to him, Cape Lambert, was part of the African Minerals under the Marampa project in Lunsar, but that the whole project have been officially bought over by Cape Lambert, who now claims 100% ownership of the project with effect from 25th January 2010.