Cape Lambert Resources
(ASX:CFE) has accepted Exxaro Resources’ (PINK:EXXAF) takeover offer for African Iron Limited
(ASX:AKI).
Cape Lambert says it will sell 19.99 per cent of its stake in African Iron. The acceptance of the offer means Cape Lambert will make $72.2 million, based on the African Iron share price of 57 cents.
African Iron operates in the Republic of Congo, where it has a first production target for 2013.
African Iron Limited reported a loss of $6.8 million in the year to June 2011.
