Cape Lambert in halt on Lady Annie sale

Shares in the Tony Sage-led Cape Lambert Resources have been placed in a trading halt as it prepares to offload its Lady Annie copper mine to a potential Asian buyer.

The company advised the Australian stock exchange this morning that it expects to make an announcement regarding the mine sale before the start of trade on Monday.

Shares in Cape Lambert last traded at 44.5 cents.

The company has previously tried to spin out the asset into new company Q Copper, which was to list on the ASX however its $165 million initial public offer was pulled last month due to adverse market conditions.

Cape Lambert was to receive $137.5 million from the sale of the mine to Q Copper if the IPO was successful.

It's believed the sale of Lady Annie will achieve a better result for Cape Lambert, with the company expected to reap about $150 million from the transaction.