Cape Lambert close to iron deal

TONY Sage’s Cape Lambert Resources is believed to be closing in on a deal that will see it pick up an iron royalty in West Africa.
Cape Lambert, the main listed venture of entrepreneur and Perth Glory owner Mr Sage, went into a trading halt yesterday pending an announcement regarding a “new investment opportunity”.
It is understood Cape Lambert will announce it will contribute around $US20 million ($22.7m) into a financing package that will be funnelled into a distressed bulk commodities asset in Africa.
In return, it will pick up a royalty on future production that could start generating money for Cape Lambert before the year is out.
The obvious candidate for the package would be London Mining, which collapsed into administration this week just days after it announced that its efforts to secure a rescue package were unlikely to leave any value for existing investors.
London owns the Marampa iron ore mine in Sierra Leone, which has sufficient reserves to support a 40-year mine life but which has been hit hard by both falling iron ore prices and the fallout from the Ebola virus.

http://www.theaustralian.com.au/bus...ose-to-iron-deal/story-e6frg9df-1227097860976