Cape Lambert Resources Limited (ASX: CFE) is into the business of exploration and development. The Company explores for iron ore in the Cape Lambert region of Western Australia.
On 8 January 2019, the company stated that its securities (‘CFE’) will be suspended from quotation immediately under Listing Rules at their request, pending the release of an announcement. The suspension in respect of its ordinary shares (ASX: CFE), shall be effective from the commencement of trading this morning, Tuesday 8 January 2019.
The voluntary suspension has been requested pending an announcement by the Company regarding the Company’s Kipushi Cobalt-Copper Tailings Project located in the Democratic Republic of the Congo (DRC). The Company notes that government elections are currently in the process in the DRC. The Company requests that the voluntary suspension extend up till the earlier of the date of release of the announcement, or prior to the commencement of trading on 15 January 2019.
At present, there are no reasons as such which shall prevent the Cape Lambert from the suspension of its securities from quotation at the ASX or not known of any other information necessary to inform the market about the suspension.
Earlier on the 4th of January, the company’s securities were paused from the trading on a temporary basis pending a further announcement.
In an earlier announcement, the company stated that it has appointed the Kobu Capital for the purposes of the engineering, procurement, commissioning and the funding of the Kipushi Cobalt project which is located in the Republic of Congo (DRC). The terms of the mandate which were earlier entered between the company and the Kobu capital are as follows:
- Kobu along with their partners were expected to arrive at the site on 6 January 2019.
- Kobu capital has already been receiving the numerous offers from the suitable EPCF providers for the purposes of the funding, designing and building the process plant facility at the Project.
- The company will be negotiating directly with the service provider concerning the terms of the subject contract.
- Kobu capital shall be paid a success fee to the tune of 7.50% on the value of EPCF contract value. This success fee shall be paid through the eight instalments. These would be paid from the earnings received from the project. The first payment shall be released within the two months of the first shipment of the product, and the balance payment shall be released each sixth week after that.
- Post the signing of the contract, the company will appoint the Ipilot Australia Pty Ltd (Ipilot), a related party to Kobu, a Project Management Consultant on terms to be negotiated and agreed, to assist in managing the development of the Project.
Meanwhile, the stock price of the company has fallen by 50 percent in the past six months as on 3 January 2019. CFE’s shares last traded at $0.016 with the market capitalization of circa $16.21 million.
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