12 February 2012

Cape Lambert in £85m project sale

12/03/2010 Robert Tyerman

Aussie-based Cape Lambert Resources is selling its Lady Annie copper mine for A$135 million to Hong Kong-quoted China Sci-Tech.

Headed by entrepreneurial executive chairman Tony Sage, Cape Lambert, which had hoped to float Lady Annie, says it has received an initial A$5 million, with A$125 million due when the sale goes through and a further A$5 million awaiting set production and resource milestones. Sci-Tech has also won the right of first refusal should Cape Lambert sell its interest in another project, Lady Loretta.

Once it has received the A$125 million from Sci-Tech, Cape Lambert says it intends to pay between 8 cents (5p) and 10 cents a share to investors. Previously AIM-quoted but now only listed Down Under, the shares, which have traded between 62 cents and 24.5 cents over the past year, now change hands at 48.5 cents (30p) and are speculative.

Tags: AIM, Commodities, Deals & contracts

Sector: Mining

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