The share price of ASX-listed Cape Lambert tumbled by nearly 13% on Wednesday announced plans to abandon financing efforts for the Kipushi cobalt/copper tailings project, in the Democratic Republic of Congo (DRC), to focus on the Marampa iron-ore project, in Sierra Leone.
Cape Lambert executive chairperson Tony Sage on Wednesday said that after an ‘exhaustive effort’ the company has been unable to source project funding to develop the Kipushi project, saying that the falling cobalt price, the challenging security situation in the region, and the recent outbreak of Ebola, had all contributed to making the DRC a difficult jurisdiction to work in.