Sale of Lady Annie completed
- Publishing Date
- 01 Jun 2010 11:01am GMT
- Author
- Mining Journal
Cape Lambert Resources has completed its sale of the Lady Annie copper project in Queensland to Hong Kong-listed China Sci-Tech Holdings Ltd.
Through the sale, Cape Lambert said it would receive about A$132 million (US$109.5 million) after various settlement adjustments, including reimbursement of holding costs for the past three months, and cash-backed guarantees and securities.
The company said it would also receive (in due course) a further A$12 million of its existing restricted cash on the release of cash-backed environmental performance bonds.
Further to that, Cape Lambert will receive another A$5 million in two deferred payments (of A$2.5 million) when the first 10,000t of copper from the mine have been produced.
Executive chairman Tony Sage said: “The sale of Lady Annie inside 12 months provided the company with an immediate return of approximately 52% on its investment to acquire the project.”
The company said it planned to return a portion of the cash from the sale to shareholders as a partially-franked special dividend, pursue other business development opportunities and for development at its remaining projects.
Through the sale, Cape Lambert said it would receive about A$132 million (US$109.5 million) after various settlement adjustments, including reimbursement of holding costs for the past three months, and cash-backed guarantees and securities.
The company said it would also receive (in due course) a further A$12 million of its existing restricted cash on the release of cash-backed environmental performance bonds.
Further to that, Cape Lambert will receive another A$5 million in two deferred payments (of A$2.5 million) when the first 10,000t of copper from the mine have been produced.
Executive chairman Tony Sage said: “The sale of Lady Annie inside 12 months provided the company with an immediate return of approximately 52% on its investment to acquire the project.”
The company said it planned to return a portion of the cash from the sale to shareholders as a partially-franked special dividend, pursue other business development opportunities and for development at its remaining projects.
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