Q Copper IPO postponed

Finance

Publishing Date: 04 Feb 2010 12:57pm GMT
Author: Mining Journal

Cape Lambert Resources Ltd has postponed its initial public offering for copper off-shoot Q Copper Australia Ltd due to “recent adverse market conditions”.

The boards of Cape Lambert and Q Copper, along with the IPO’s lead manager, were in agreement about the delay until market conditions improved.

This is the second time the IPO has been withdrawn; it having been first deferred in December 2009, when 25% of investors failed to meet settlement obligations.

Cape Lambert now plans to proceed with its exploration drilling programme at the Lady Annie project, with the first drill rig scheduled to arrive on February 24.

Executive chairman Tony Sage said: “whilst we are disappointed with the deterioration of the market in recent weeks, and its impact on the IPO, Lady Annie remains a very good copper project within a substantial landholding in the world class Mt Isa Inlier.”

“Whilst we wait for market conditions to improve, we will commence the drilling programme, as planned, to add value to the project through defining additional mine life.”