Cape Lambert appeals to Takeovers Panel

Cape Lambert Iron Ore has appealed to the Takeovers Panel after the competition watchdog declined the company relief in its acquisition of collapsed CopperCo.

Last month, Cape Lambert acquired the assets of CopperCo for $27 million, including shareholdings larger than 20 per cent in Tianshan Goldfields, Corvette Resources, Niplats Australia and Buka Gold.

Cape Lambert had applied to the Australian Securities and Investments Commission for relief to purchase CopperCo's stakes in the companies without launching a takeover.

No reason was given as to why ASIC declined to give Cape Lambert relief, excluding Tianshan.

Cape Lambert said it "seeks primarily to be given unconditional relief, or alternatively conditional relief" from ASIC.

As a result, the Tony Sage-led company applied to the Takeovers Panel to review ASIC's decision, with the Panel deciding to conduct proceedings into the matter.