Cape Lambert Resources Ltd

Cape Lambert Resources completes $1.1 million placement

A recent report by Standard & Poor's has highlighted supply risks for cobalt.

three hands dropping coins into three jars
A recent engineering study at Kipushi supports a low-cost cobalt operation

Cape Lambert Resources Ltd (ASX:CFE) has completed its recently outlined share placement and raised about $1.1 million in funding and also settled creditors to the value of $63,000.

The funds raised will be used for exploration expenditure activities at the Kipushi Cobalt-Copper Tailings Project in the Democratic Republic of Congo.

Cape Lambert’s chairman Tony Sage said: “We are delighted to have received strong demand for the placement.”

READ: Cape Lambert Resources engineering study supports low-cost cobalt operation

Sage added: “Cape Lambert has received a positive response since releasing the engineering study results recently completed by Minnovo.”

The engineering study investigated building a leaching plant at the Kipushi project to process the existing tailings.

The value of the project is highlighted by the low forecast operating cost of US$64.66 per tonne against cobalt prices of around US$70,000 per tonne.

READ: Standard & Poor's says cobalt supply fears remain high

A recent report by Standard & Poor's has highlighted that risks remain high around the supply of ethically sourced cobalt.

End-use manufacturers such as Apple Inc (NASDAQ:AAPL) are putting in place assurances to guarantee that their cobalt is ethically sourced.

This bodes well for companies developing ethical cobalt projects such as Cape Lambert.

Quick facts: Cape Lambert Resources Ltd

Price: $0.01

Market: ASX
Market Cap: $7.21 m
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Cape Lambert Resources posts maiden JORC resource for Kipushi Cobalt-Copper...

Cape Lambert Resources Ltd (ASX:CFE) executive director Tony Sage updates Proactive Investors on the company's maiden JORC-compliant resource for its Kipushi Tailings Project in the Democratic Republic of Congo.   Sage says the maiden resource "validates" the company's entry into...

on 8/5/19

2 min read