Cape Lambert makes bid for Corvette

Cape Lambert Iron Ore has flagged its intention to launch an all-scrip takeover offer for Perth-based Corvette Resources after its acquired a major stake from CopperCo.

The acquisitive Tony Sage-led Cape Lambert has a 19.9 per cent interest in Corvette, a stake it acquired after finalising its purchase of collapsed CopperCo's assets last week.

Mr Sage said Corvette shareholders would achieve greater value if the company was combined with the technical and corporate expertise within Cape Lambert.

"This market is unforgiving for small resources companies, it is difficult to access capital, technical expertise and in the process unlock shareholder value," he said.

"Importantly we also have a proven track record in strategically developing assets and when needed acquiring significant financial support.

"We have exceptional relationships with a range of off-take and development partners we feel could play a key role in enhancing the development opportunities of Corvette's assets."

Cape Lambert is currently preparing a formal bidder's statement.

Mr Sage added that Cape Lambert had no intention, at this stage, of launching takeover bids for other companies it acquired an interest from the CopperCo transaction.

Cape Lambert has significant shareholdings in Tianshan Goldfields, NiPlats Australia and Buka Gold.

Cape Lambert has requested the removal of all Buka's directors and proposed the nominations of three people including Mr Sage.