08/08/2014 - 15:49

Cape Lambert in $25m dividend payout

08/08/2014 - 15:49

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Exploration and development company Cape Lambert has announced it will return almost $25 million to shareholders, just a week after a successful settlement with the Australian Tax Office.

Cape Lambert in $25m dividend payout
Executive chairman Tony Sage.

Exploration and development company Cape Lambert Resources has announced it will return almost $25 million to shareholders, just a week after a successful settlement with the Australian Tax Office.

At the beginning of this month, the company reached a settlement with the ATO to make a final payment of $2.4 million, ending a dispute over a remaining liability of $79 million from an amended assessment in 2012.

Last month it settled a dispute with Metallurgical Corporation of China settlement relating to the sale of the Cape Lambert magnetite iron ore project.

The dividend yield is 36 per cent based on yesterday's closing price.

The company says it will hold cash, receivables and listed securities of almost $70 million after the payment of dividends, more than half in cash.

“We have proven over a long period of time that we can execute our strategy and return surplus cash to our shareholders, a strategy that we will continue in the future with the aim to deliver further value to shareholders,” executive chairman Tony Sage said today.

"We have been presented with, and identified, a range of investment opportunities that we think we can add value to, either through technical or financial support, and we plan to advance these so as to create further value for our Company and shareholders.”

The company says it "has interests in several exploration and mining companies, providing exposure to iron ore, copper, gold, uranium, manganese, lithium and lead-silver-zinc assets in Australia, Europe, Africa and South America".

 

Shares in Cape Lambert were down 6.25 per cent to 15 cents per share at the close.

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