Cape Lambert Resources has generated $27.7 million by offloading "non-core" stakes in three companies it acquired as part of the annexation of the failed CopperCo group.
The disposal included $25.1 million worth of Platmin shares, a $2 million holding in Charaat Gold and $587,000 worth shares in Herencia Resources.
The stakes were sold through a series of on-market and off-market transactions.
Cape Lambert said the disposal was part of its strategy to unlock the full value of the CopperCo transaction and ensure its focus was on those assets that had potential to deliver significant returns to the company and its shareholders in the short-to-medium term.
Chairman Tony Sage said the shareholdings were non-core and disposing of them allowed the company to simplify its corporate structure and increase its cash reserves.
"The funds will be applied to the development of our existing project portfolio and acquisition opportunities," he said.
Cape Lambert also said it had recently increased its stake in Pinnacle Group Assets from 26.2 per cent to 35 per cent at no cost through "a series of negotiations".
Pinnacle has exploration tenements in Sierra Leone covering 3250sqkm.
Cape Lambert said historic work indicated prospectivity for coal and iron ore.
The company's shares were off half a cent to 58 cents at 10.35am.
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CUO Price at posting:
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