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Cape Lambert Resources signs JV agreement with Paragon Mining

Citation: Date:2017-5-19 9:27:37


ASX-listed Cape Lambert Resources and Paragon Mining have signed a JV agreement to develop two DRC projects.


The 50/50 joint venture between Cape Lambert Resources and Paragon Mining in the Democratic Republic of Congo (DRC), the world’s largest cobalt producing country,

sets a clear pathway for production for Cape Lambert with the planned development of the Kipushi cobalt tailings project and the Kasombo copper-cobalt project and the

processing of material through the Kipushi processing plant.

Cape Lambert Resources
Cape Lambert Resources executive chairman, Tony Sage.

“The signing of this agreement not only positions Cape Lambert Resources as a high value cobalt production company, at a time of record high prices for the commodity,

but also provides us with an extremely solid foundation from which to further build our African focused cobalt portfolio,” says Cape Lambert Resources executive

chairman, Tony Sage.

“We have a management team that has all the necessary experience and credentials to successfully develop mining projects in Africa and with our new joint venture

partner, we now look forward to both working together to rapidly bring the Kipushi and Kasombo towards production as well as identifying other new advanced cobalt

opportunities in the region,” continues Sage.

On 3 May 2017, Cape Lambert Resources announced to ASX that it had agreed all terms of the agreement with Paragon Mining to form a new cobalt production focused joint

venture.

The company is pleased to now confirm that the agreement has been executed by both Paragon Mining and Cape Lambert Resources.

Under the terms of the JV, the newly incorporated JV company will hold the mining rights to Kipushi and the Kasombo and will operate the Kipushi processing plant and

mining equipment to process product from all the projects.

The Kipushi and the Kasombo projects are both located in the Katanga Copper Belt, in Haut- Katanga Province, the location of some of the world’s largest and highest

grade copper and cobalt mines, and the world’s leading producer and supplier of cobalt.

The projects are approximately 25 km from Lubumbashi, and benefit from excellent infrastructure and mine services and suppliers. Kipushi is located on mining license

PER 12347 and Kasombo, comprising three projects located on granted mining licenses PE 4886 and PE 481 respectively.

The tailings from Kipushi and hard rock material from Kasombo are proposed to be processed through the Kipushi processing plant is located approximately 8 km by road

from Kipushi on PE 4886.

In addition, the Cape Lambert Resources will continue to advance its discussions with several established global commodity trading groups in respect to the offtake of

cobalt and copper concentrates for the JV.


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