Cape Lambert has announced a $44 million capital return to shareholders, in the form of a 7 cent per share dividend, following the sale of the Lady Annie project in Queensland.
Cape Lambert has announced a $44 million capital return to shareholders, in the form of a 7 cent per share dividend, following the sale of the Lady Annie project in Queensland.
The copper project was sold for $135 million to China Sci-Tech Holdings.
In a statement Cape Lambert said the dividend is marginally lower than planed because the company needed sufficient cash reserve to fund an offer for DMC Mining Limited, upgrading the Marampa rail and port, settling the Leichardt Copper project and other investment opportunties.
Executive chairman Tony Sage said, "Cape Lambert is committed to returning value to shareholders as assets are monetised."
"While we had hoped to return slightly more to shareholders, the Board felt it prudent to maintain a conservative approach in relation to cash reserves given we are currently bidding for DMC Mining Limited and will soon need to make a contribution to Marampa port and rail, which will play a key role in the realization of value in respect of our Marampa iron ore project in Sierra Leone," he said.
Subscribe today for award-winning, unbiased and trusted journalism