INTERVIEW-Cape Lambert plans to sell Marampa project
* At least 13 companies have already visited the project
* Plans to open up its data room early next year
* Seeks to develop richer iron ore deposits in Sierra Leone
By Julie Crust and Eric Onstad
LONDON, Dec 2 (Reuters) - Australian iron ore developer Cape Lambert Resources plans to sell or spin off its Marampa iron ore project in Sierra Leone to raise money to explore larger deposits, Executive Chairman Tony Sage told Reuters.
At least 13 companies have already visited the project and Cape Lambert plans to open its data room once a scoping study on the project is completed early next year, he said on Thursday.
The project is supported by existing rail and port infrastructure, which is being refurbished, and the company has previously said production could start in late 2012 at an initial rate of about 2-5 million tonnes per annum.
Cape Lambert is looking to dispose of Marampa so that it can explore and develop potentially bigger iron ore projects in the West African country where it recently acquired three more licences, Sage added.
Marampa contains around 197 million tonnes of iron ore based on inferred resource estimates released last month for two of its eight known prospects. Cape Lambert plans to announce an updated resource estimate in March.
Rising demand from steelmakers, particularly in China, has pushed spot iron ore prices up more than 40 percent this year.
The company has not ruled out the option of spinning off Marampa and listing it in its own right, Sage said.
In March, Cape Lambert sold its Lady Annie copper project in Australia to China Sci-Tech Holdings Ltd for A$135 million, finding a trade buyer after pulling a planned IPO.
AIM-listed African Minerals, which owns the Tonkolili iron ore project in Sierra Leone, has a 19-percent stake in Cape Lambert. (Editing by Jon Loades-Carter)
* Plans to open up its data room early next year
* Seeks to develop richer iron ore deposits in Sierra Leone
By Julie Crust and Eric Onstad
LONDON, Dec 2 (Reuters) - Australian iron ore developer Cape Lambert Resources plans to sell or spin off its Marampa iron ore project in Sierra Leone to raise money to explore larger deposits, Executive Chairman Tony Sage told Reuters.
At least 13 companies have already visited the project and Cape Lambert plans to open its data room once a scoping study on the project is completed early next year, he said on Thursday.
The project is supported by existing rail and port infrastructure, which is being refurbished, and the company has previously said production could start in late 2012 at an initial rate of about 2-5 million tonnes per annum.
Cape Lambert is looking to dispose of Marampa so that it can explore and develop potentially bigger iron ore projects in the West African country where it recently acquired three more licences, Sage added.
Marampa contains around 197 million tonnes of iron ore based on inferred resource estimates released last month for two of its eight known prospects. Cape Lambert plans to announce an updated resource estimate in March.
Rising demand from steelmakers, particularly in China, has pushed spot iron ore prices up more than 40 percent this year.
The company has not ruled out the option of spinning off Marampa and listing it in its own right, Sage said.
In March, Cape Lambert sold its Lady Annie copper project in Australia to China Sci-Tech Holdings Ltd for A$135 million, finding a trade buyer after pulling a planned IPO.
AIM-listed African Minerals, which owns the Tonkolili iron ore project in Sierra Leone, has a 19-percent stake in Cape Lambert. (Editing by Jon Loades-Carter)
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