Cape Lambert Resources Ltd
(ASX:CFE) is suing Metallurgical Corp of China (MCC) to recover a final $80 million from the sale of its flagship Cape Lambert iron ore project.
The resources and investment company says it has begun legal action, following MCC’s failure to make the third and final payment due on or around 9 December last year.
Cape Lambert has received a total of $320 million, paid in two tranches, and has been unsuccessful in recovering the last tranche through discussions with MCC.
Executive chairman Tony Sage says given that discussions have been unsuccessful, the Supreme Court will now decide on the matter.
For the six months to 31 December 2009 Cape Lambert reported a net profit.
