News: Cape Lambert plans London listing

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Cape Lambert Resources Ltd (ASX:CFE) has revealed plans to list its Marampa iron ore project in Sierra Leone on the London Stock Exchange.

Chairman Tony Sage has told the Australian Associated Press that the initial public offer is expected to raise around $500 million.

According to the report Mr Sage says a London listing is the preferred option, however a trade sale is still a possibility.

The news comes just one day after Cape Lambert reported a 245 per cent increase to the mineral resources at the Marampa project to 860 million tonnes.

In the first half of its 2011 financial year, Cape Lambert Resources booked a net loss of just under $18 million.