Australian resources company Cape Lambert Resources Ltd
(ASX:CFE) says the sale of its Lady Annie Project in Queensland, is on track.
The company says Hong Kong listed China Sci-Tech Holdings has received written approval from the Foreign Investment Review Board for its acquisition of a 100% interest in the project.
As previously announced on March 12, the Chinese company will pay $135 million for Lady Annie.
The company says completion of the sale is conditional on a number of matters including China Sci-Tech Holdings receiving Foreign Investment Review Board and its shareholders approval, and other regulatory approvals and third party consents.
Following completion of the sale Cape Lambert says it plans to pay shareholders a dividend of between $0.08 and $0.10 a share.
Cape Lambert posted profit of $229 million for fiscal 2009.
