Cape Lambert Resources and Paragon Mining have signed a joint venture agreement to develop cobalt and copper projects in the Democratic Republic of Congo (DRC).
The Joint venture will initially focus on developing the Kipushi Cobalt Tailings Projects and the Kasombo Copper-Cobalt Project, both located on granted mining licenses in the Katanga Copper Bell, in close proximity to some of the world’ s largest and highest grade copper and cobalt mines.
It will also operate the fully constructed and commissioned Kipushi Processing Plant to process the Kipushi tailings and treat additional hard rock cobalt and copper material.
Cape Lambert said detailed mine planning and optimisation work was already underway on the Kipushi Cobalt Tailings Project, with the JV aiming to commence mining activities/tailings treatment within 6 months.
Commenting on the JV agreement, Cape Lambert Executive Chairman Tony Sage said:
“Cape Lambert has built a successful track record of identifying commodities and projects at the right time,” Mr Sage said.
“By applying our technical, financial and marketing support we can add immediate value to these projects and return significant value to the Company, its shareholders and all stakeholders.”
He said current cobalt prices, which exceed US$41,000/t, place the company in a good position to capitalise on the significant global demand for this commodity.
“This Agreement paves the way for a JV that will benefit from advanced, highly attractive and prospective cobalt and copper projects and that will be supported by a well credentialed joint in-country and Australian based technical and operation team that includes geologists, mining engineers, process engineers, local logistics, government and community relations professionals,” Mr Sage added.
“With our strong combined track record of project delivery and a corporate team highly capable of accessing sufficient capital to advance the near term production assets, we look forward to our partnership with Paragon.”