cape lambert reaps $28m from share sales

From WA business news .


Cape Lambert reaps $28m from share sales
13-January-10 by Rebecca Lawson


Cape Lambert Resources has pocketed nearly $28 million from the sale of non-core shareholdings that it acquired through its purchase of collapsed company CopperCo last year.

The company today said it had sold its shareholdings in Herencia Resources ($587,000), Charaat Gold Holdings ($2 million) and Platmin ($25.1 million). Cape Lambert received a total of $27.69 million from the share sales.

"These shareholdings are non-core and as such we have taken the opportunity to dispose of them thereby simplifying our corporate structure and increasing our cash reserves," executive chairman Tony Sage said.

"The funds will be applied to the development of our existing project portfolio and acquisition opportunities."

Cape Lambert bought CopperCo's assets for $27 million after it acquired CopperCo's secured debt for $73 million.

Shares in Cape Lambert were down one cent to 57.5 cents at 13:47 AEDT.