Cape Lambert Resources will be hiring soon. The company “said it expects to start construction on its flagship Marampa iron ore project in Sierra Leone this year, pledging to employ locals and fund services in the post-conflict African state,” reports Reuters.
“The firm, which late last year lodged its mining license application for Marampa, joins the likes of resource firms London Mining and African Minerals in tapping into the iron ore mining boom in Sierra Leone.”
“‘We’ve asked for the same license agreement as London Mining and African Minerals and don’t expect any difficulties. The government doesn’t want different companies in the same industry on different contracts,’ Cape Lambert executive chairman Tony Sage said in an interview with Reuters.”
“He added it would take 18 months to reach full production, which will start at 2 million tonnes per year, but could go up to 5 million tonnes as African Minerals has expressed interest in buying an annual 3 million tonnes from Cape Lambert.”
In metal price news for steel…
On Monday, February 3, the spot price of the US HRC futures contract fell by 2.8 percent, landing at $655.00 per short ton and making it the day’s biggest mover. The 3-month price of the US HRC futures contract showed little movement on Monday, hovering around $629.00 per short ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India was range bound. The price of Chinese HRC continues to hover for the fifth day in a row. The price of Chinese coking coal saw essentially no change for the fifth day in a row.
The steel billet cash price remained essentially flat at $365.00 per metric ton on the LME. The steel billet 3-month price was unchanged on the LME at $360.00 per metric ton.