An immediate trading halt to be granted by the Australian Securities Exchange (ASX) in respect of the company’s securities. Regarding the Company’s Kipushi CobaltCopper Tailings Project the trading halt is requested pending an announcement. Before the beginning of trading on Tuesday 8 January 2019, Cape Lambert asks the ASX the trading halt remains in place or until the release of an announcement in respect of the matter. The Company is not sure of any particular reason why the trading halt should not be provided. Should investors have any queries regarding the request, please do not hesitate to contact the undersigned.
To source an Engineering, Construction, Procurement, and Financing provider to fund and develop the Kipushi Cobalt-Copper Tailings Project, the company has recently advised that it has appointed Kobu Capital. Kobu capital has already received an offer, and a site visit in the Democratic Republic of Congo is planned on 6th January 2019. Held by Soludo Lambert Mining SAS, the Project consists of a tailings dam located on PE 12347, SLM being a 50/50 joint venture between the Company and Paragon Mining SARL.
Amongst other things, for innovative industrial technology products Kobu is a venture investment platform and believes for the project through partnering with its Chinese strategic partners it can offer more economical financing and development process. The determination of an EPCF provider is for the building of the process plant and self-funding of the design with the repayment of the financing coming from future revenues of the Project.
Vis-à-vis the terms and conditions of an EPCF contract, Cape Lambert would undertake the negotiations directly with the EPCF provider. Within a couple of period of two months of the first shipment of product with the first payment due, with the balance of the seven payments after that, a success fee of 7.5% on the value of the EPCF contract will be payable to Kobu in eight equal installments payable from earnings of the project.
Cape Lambert Resources Limited (ASX: CFE) traded with no price change as at January 04, 2019, at the market price of $0.016. The stock has had a performance change of -50.00% over the past six months. The market capitalization of the stock is currently at $16.21 million.
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