Mining News extract:"Another iron ore play, Cape Lambert Iron...

Mining News extract:

"Another iron ore play, Cape Lambert Iron Ore, jumped 6.5c to hit a high of 92c on rumours Russia's Evraz may soon make a bid for the company.

Cape Lambert executive director Tony Sage told Dow Jones newswires that Evraz has said it is considering a bid but will have to move quickly if the company plans to proceed ahead of Cape Lambert's shareholder meeting next Monday on a planned sale of its assets to China Metallurgical Group, or MCC.

Sage says Cape Lambert is proceeding with the MCC deal as planned and any Evraz bid would need to be well above market price.

"We can't give an opinion until that bid comes out, but the board is of the
firm opinion that the price should be well in excess of a dollar," he told the newswire.

Last week, Evraz took a 19% stake in Cape Lambert, raising speculation that the company may look to launch a bid for Cape Lambert or block its deal with MCC.

Cape Lambert cooled to close the day at 87c."

CK