Cape Lambert in halt ahead of Congo project update

Shares in Tony Sage's Cape Lambert Resources have been placed in a temporary halt, ahead of a pending announcement regarding the company’s Kipushi cobalt-copper tailings project in the Democratic Republic of Congo.

The announcement is expected to be the unveiling of an engineering, procurement, construction and financing partner for the project, which is anticipated to commence production later this year.

Kipushi is a cobalt-rich tailings dam located around 25 kilometres from Lubumbashi, in the south eastern region of the DRC.

Cape Lambert is planning to process the tailings through a 1 million tonne per annum acid leach plant, with metallurgical testing indicating 90 per cent recoveries for copper and 85 per cent for cobalt are achievable.

In December, Cape Lambert appointed Kobu Capital to source a EPCF partner for the project, reporting at the time it had already received an offer and a site visit was planned for January 6.

Cape Lambert also executed a $7.5 million finance facility for the project in December, to fast-track its development.

The company's shares last traded at 1.6 cents.