30/04/2008 - 15:01

Cape Lambert 's Tony Sage ups stake to 6.4pc

30/04/2008 - 15:01

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Tony Sage, a director of Australian iron ore exploration and development company Cape Lambert Iron Ore Limited, has increased his stake in the company to 6.4 per cent following a conversion of nine million options.

Tony Sage, a director of iron ore exploration and development company Cape Lambert Iron Ore Limited, has increased his stake in the company to 6.4 per cent following the conversion of nine million options.

These options were converted for a total consideration of A$2.493M.

Mr Sage's decision to increase his stake in the company comes as Cape Lambert finalises an agreement with China Metallurgical Corporation, who are looking to acquire the company's namesake iron ore project in the Pilbara region of WA for $400 million.

Due diligence on the transaction is complete with MCC now waiting a determination of its FIRB application, which is expected ot be received by 28th of May.

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