Cape Lambert in halt on acquisition deal

Shares in Cape Lambert Iron Ore have been placed in a trading halt pending an announcement relating to an acquisition.

The company said it expects to release details by Monday.

Cape Lambert is cashed up from last year's sale of its namesake project in Western Australia to Chinese company MCC Mining.

Earlier this year, Cape Lambert chairman Tony Sage bought the secured debt of collapsed miner CopperCo for $72.7 million.

Submissions for the acquisition of CopperCo assets closed a fortnight ago.

Cape Lambert's shares closed up 2.5 cents or 10 per cent yesterday to last trade at 28 cents, with over 4 million shares traded.