ENIGMATIC Russian billionaire Roman Abramovich is believed to be part of a share raid on one of West Australia's biggest iron ore projects.
The world's 15th wealthiest person, believed to be worth $23 billion, has reportedly jumped on board the massive Cape Lambert iron ore project run by the exploration and development company of the same name.
The project is located in the Pilbara region of WA and is still in the feasibility stage, with claims the open pit mine could produce 1.5 billion tonnes of magnetite iron ore.
Shares in Cape Lambert Iron Ore jumped 8 per cent to 79.5c yesterday after it said a Merrill Lynch nominee company had exercised 56 million options for a 14 per cent stake.
If speculation is correct, the investor is Russia's biggest steelmaker - Evraz Group - of which Mr Abramovich, 41, is part owner.
The company yesterday refused to quash speculation. When asked about Mr Abramovich's involvement, a spokesman told The Daily Telegraph: "I can confirm there some options have been exercised."
"There has been a significant stake taken by a nominee company, but (we won't say) who the actual holder of the securities within the nominee company is."
Mr Abramovich, who made his fortune from oil investments in his homeland, now owns Premier League side Chelsea. He's often seen watching his favourite team in London, where he lives, but rarely speaks about his investments.
The share-grab adds intrigue to an already-international flavour to Cape Lambert's short history.
Overseas investors have been falling over themselves to throw cash into the project, with Chinese conglomerate China Metallurgical Group Corporation locking in a deal earlier this year worth $400 million to acquire the Cape Lambert project.
With shareholders just weeks away from voting to approve the Chinese deal, Mr Abramovich looks to have joined the party.
Evraz has also moved on Cape Lambert via a $1.5 billion buyout of steel group Delong Holdings, which has an option on about 12 per cent of Cape Lambert.
Either way, Mr Abramovich could soon own a chunk of the Perth-based company, founded by another football lover Tony Sage.
Mr Sage owns part of the A-League's Perth Glory franchise and would no doubt love a fraction of the Russian's kitty to spend on mining and quality football players.
Cape Lambert's shares are up almost 100 per cent after trading around 25c in mid-January.
According to his Forbes Rich List entry, Mr Abramovich liquidated his biggest asset in 2005 when he sold a 70 per cent stake in oil giant Sibneft for $US13 billion.
In 2006 he bought a stake in Evraz and early this year a piece of UK mining company Highland Gold.
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