Cape Lambert sells $30M copper stake

Company News

Resources and investment company Cape Lambert Resources Ltd (ASX:CFE) will sell its 25 per cent interest in the Lady Loretta copper project to Swiss mining giant Xstrata for $30 million.

The sale brings Xstrata’s stake in the Queensland project to 100 per cent, pending approvals which are expected before April.

Cape Lambert acquired its interest in the Lady Loretta copper project in June 2009 through its $135 million acquisition of CopperCo.

On Friday shares in Cape Lambert Resources firmed 1.64 per cent to close at $0.62.

In the year to 30 June 2010, Cape Lambert Resources booked a net profit of $72.25 million

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?