CFE 0.00% 0.4¢ cape lambert resources limited

cfe and mcc to announce deal

  1. 4 Posts.
    From todays West Australian Business News.

    Cape Lambert closes in on Chinese iron partner
    PETER KLINGER

    Cape Lambert Iron Ore is thought to be close to striking a deal with China Metallurgical Group Corporation (MCC) to help develop its namesake magnetite project in the Pilbara. The Perth iron ore aspirant placed its shares in a trading halt yesterday and is expected to announce a deal with MCC as early as Monday.
    It is understood MCC will invest at least $300 million in Cape Lambert’s billion-tonnes project, which sits near Rio Tinto’s Cape Lambert port facilities.
    Company officials refused to comment last night and MCC could not be contacted.
    MCC’s deal with Cape Lambert would become its second venture in the Pilbara after joining Chinese conglomerate Citic Pacific in developing the $5.2 billion Sini Iron mine-to-port project at Cape Preston. MCC has a 20 per cent stake in Sino Iron.
    Cape Lambert shares soared from 32c last week to 48c before the trading halt.
    Shareholders are likely to applaud the MCC deal although they will remain wary until first funds are banked, given that an attempt last year by Cape Lambert to sign up a Chinese financier in a $217 million deal failed and triggered a share price rout.
    Unlike one-time proposed financier Best Decade, MCC is a Chinese Government controlled entity with a mandate to invest in overseas resources projects. MCC’s investment in Cape Lambert’s project will prompt speculation of a possible operational tie-up with Sino Iron, about 100km farther west along the Pilbara coast.
 
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