CFE 11.1% 0.4¢ cape lambert resources limited

reuters finance report

  1. 12,897 Posts.
    China Metallurgical to buy Australia iron project

    Tuesday February 26, 2008, 10:26 am


    SYDNEY, Feb 26 (Reuters) - Australian explorer Cape Lambert Iron Ore Ltd CFE.AX said on Tuesday it has signed a preliminary agreement to sell its Western Australian iron project to China Metallurgical Group Corp for A$400 million ($370 million).

    Cape Lambert said China Metallurgical has paid a A$10 million deposit and had until April 30 to complete due diligence and obtain Chinese government approvals for the acquisition.

    China Metallurgical, a state-owned investment firm, has invested $1 billion in overseas resource projects including lead and zinc, and has been chosen to develop the huge Aynak copper deposit in Afghanistan.

    It also has a contract to build the $1.98 billion iron ore Sino Iron Project, about 120 km southwest of the Cape Lambert project in the iron ore-rich Pilbara region.

    Cape Lambert Chairman Ian Burston said the sale would deliver upfront value to the company's shareholders.

    The miner had retained an exploration tenement next to the Cape Lambert project, and was also reviewing prospects in West Africa and Australia.

    Cape Lambert shares were trading up 11.5 percent at A$0.535 in morning trade. ($1=A$1.08) (Reporting by Richard Pullin)

 
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