29/06/2009 - 14:04

Cape Lambert completes CopperCo purchase

29/06/2009 - 14:04

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A corporate restructure of CopperCo has saved Cape Lambert Iron Ore from launching takeover bids for several of the collapsed company's listed investments.

Cape Lambert completes CopperCo purchase

A corporate restructure of CopperCo has saved Cape Lambert Iron Ore from launching takeover bids for several of the collapsed company's listed investments.

Today, Cape Lambert completed the acquisition of CopperCo's assets, including the Lady Annie copper mine in Queensland, from receivers Deloitte.

Production at Lady Annie has been suspended since March this year as a result of severe flooding in the area.

Also included in the acquisition were CopperCo's major shareholdings of 20 per cent plus in companies Platmin, Corvette Resources, Buka Gold and Tianshan Goldfields.

Earlier this month. Cape Lambert appealed to the Takeovers Panel for relief to purchase the shareholdings without launching a takeover.

Today Deloitte said a corporate restructure of CopperCo was implemented prior to the sale, which means Cape Lambert acquired no more than 20 per cent of any ASX-listed company.

"We are very pleased to have completed the acquisition of these high-quality assets, and now look forward to working with our experienced team to maximise returns for our shareholders," said Cape Lambert chairman Tony Sage.

Cape Lambert bought CopperCo's assets for $27 million after it acquired CopperCo's secured debt for $73 million.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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