Australian miner Cape Lambert Iron Ore has concluded its 30% investment in African Minerals' Marampa project in Sierra Leone after satisfying concerns about the project.
According to the agreement, Cape Lambert will have the preferential option to acquire the remaining 70% interest in Marampa, will contribute $25 million to finance a feasibility study of Marampa and will assign two directors to African Minerals' Marampa subsidiary.
The 30% stake will be financed by the issue of new ordinary Cape Lambert shares to African Minerals.