"CAPE Lambert is fielding offers for the Lady Annie copper project it acquired through the purchase of CopperCo's assets, as it moves to remove the board of another of the failed miner's subsidiaries. Cape Lambert Iron Ore executive chairman Tony Sage said yesterday that he had already received three offers for the copper mine near Mt Isa, in Queensland, a day after the $106 million transaction for CopperCo had been officially completed. "There have been some offers out of the blue for that asset and the board needs to sit down over the next few weeks and assess the outright sale of that to the value of us exploring it further and getting a further price by spending more money drilling," Mr Sage said. "We knew people were interested, but since we settled on Monday we have had three offers -- one from a Chinese group, one from an Australian group and one from an eastern European group."
I know it is copper, but the cash cost is 33% more that P Hill and the resource is small at 350,000t Cu.
It looks a little like a Tier 3 asset. OZL, please do not go there!!
OZL Price at posting:
89.0¢ Sentiment: LT Buy Disclosure: Held
