CFE 0.00% 0.2¢ cape lambert resources limited

african minerals wins the day

  1. 230 Posts.

    African Minerals wins the day
    Smaller companies

    Round one of a rumble in the Sierra Leone jungle over $200 million iron ore rights goes to Frank Timis and his African Minerals. Its shares gained 4p to 22p after rival London Mining withdrew its application for a court order banning African Minerals from drilling in a disputed area of its Marampa iron ore licence.

    London Mining claims rights to parts of the 5 sq km Marampa area but the battle is yet to reach court. African Minerals says the Government has gone as far as driving in concrete post markers. Marampa, mined for its ore until the 1970s, is a key asset since Mr Timis’s Australian exploration partner Cape Lambert Iron Ore acquired an option to buy it for $200 million.
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