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Cape Lambert gets shareholder support for cobalt deal

Published: 13:00 12 May 2017 AEST

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Shareholder support comes as little surprise given what this deal has done for CFE shares

Cape Lambert (ASX:CFE) has received overwhelming support from its shareholders on the resolution put to its general meeting of shareholders held today.

The single resolution voted on at the meeting was with regard to the issue of 90 million shares as part consideration for the recently entered into joint venture to develop cobalt and copper assets.

Cape Lambert recently agreed to form a 50:50 joint venture company to develop the cobalt and copper assets in the Democratic Republic of Congo.

The major milestone for Cape Lambert follows a period of extensive legal and technical due diligence.

The joint venture includes the Kipushi Tailings Project, the 1 million tonnes per annum Kipushi Processing Plant and the Kasombo Copper-Cobalt Project.

Initial cobalt production will be targeted from mining the Kipushi Tailings Project.

The successful due diligence means Cape Lambert has progressed forward with this opportunity to become a near-term supplier in the cobalt market.

The environment for Cape Lambert continues to improve with cobalt prices continuing to soar to record prices of over US$55,000 per tonne.

Cape Lambert shares have more than doubled in 2017, currently trading at $0.029.

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