Chinese steel-making group Delong Holdings Ltd will take a 13.25 per cent stake in Leederville-based iron ore explorer Cape Lambert Iron Ore Ltd for $14.6 million, the company has announced.
The part sale of Leederville-based Cape Lambert Iron Ore Ltd's namesake asset to Chinese investor Ding Liguo for around $250 million won shareholder approval today, clearing the last hurdle for the company restructure.
The Chinese company that bought a 70 per cent stake in Cape Lambert Iron Ore Ltd's namesake project on Tuesday will sign it over to its sole beneficiary, Ding Liguo, after he agreed to buy 40 million options in the company from a third party.
