PERTH (miningweekly.com) – ASX-listed resources and investment group Cape Lambert Resources has sold its royalty in the Mayoko iron-ore project, in the Republic of Congo, for A$1-million.
The Mayoko royalty was negotiated by Cape Lambert as part of its consideration when it sold the project to African Iron in 2011, with the company subsequently being taken over by Exxaro in 2012.
Exxaro in September 2016 divested of its interest in the Mayoko project, following a commodity portfolio review and a number of internal and external studies in 2015.
“Given that Exxaro recently sold the entire project it purchased for approximately $313-million for only $3-million, and assumption of liabilities, I am extremely pleased that we have been able to sell the royalty for A$1-million,” Cape Lambert executive chairperson Tony Sage said on Monday.
Edited by: Creamer Media Reporter
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