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Chinese group to Cape Lambert stake

MAJOR Chinese group Shandong Yuansheng International Trading Co Ltd is understood to have confirmed its intention to take up almost 20 per cent equity in Cape Lambert Iron Ore Ltd through the purchase of securities on-market. It is believed the acquisition of up to 19.9 per cent equity, the maximum allowed without triggering a takeover bid, was a condition Cape Lambert had set as part of an agreement reached with Shandong to have “first right of refusal” to negotiate an off-take agreement at the Cape Lambert Iron Ore Project, located in the Pilbra region. It is expected the project will come on line in late 2009, with production likely to be between five and 10 million tonnes a year.

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