Article doesn't source UK brokerSarah-Jane Tasker | October 02,...

Article doesn't source UK broker

Sarah-Jane Tasker | October 02, 2009
Article from: The Australian

CAPE Lambert Iron Ore has had a buy recommendation put on its stock by a UK broker, which labels it an "active mining investor".
The broker, Mirabaud, put a 77c valuation on the stock, which is slightly down today at around 47c.

The Tony Sage-led Cape Lambert started its aggressive acquisition trail earlier this year when it picked up the assets of failed miner CopperCo.

Through the acquisition it acquired minority holdings in a range of assets, and has since moved to join the boards of some of its new interests.

The Perth-based company approached the boards of the four Australian-listed companies it acquired in the deal to ask if they needed Cape Lambert's help and all of them except one invited Mr Sage on to their boards.

The flagship asset from the acquisition was the Lady Annie copper miner near Mt Isa in Queensland.

Mr Sage has previously hinted that he has been fielding offers for the mine and Mirabaud said Cape Lambert will either spin out the mine into a new ASX-listed vehicle or look for a trade sale.

“Cape Lambert would retain a minimum of 5 per cent in a listed entity,” the broker said in a report.

“This stake would either be retained by Cape Lambert or allocated through an in-specie distribution to Cape Lambert shareholders during the IPO process.

“In tandem with this proposal, Cape Lambert will continue to progress possible trade sale initiatives for the asset.”