A bit of perspective on what CopperCo has delivered thus far:...

A bit of perspective on what CopperCo has delivered thus far: Cheers DPH

Cape Lambert says Lady Annie sale returned 52pc
The West Australian June 1, 2010, 10:43 am

Cape Lambert Resources executive chairman Tony Sage says the company made about a 52 per cent return on the $132 million sale of its Lady Annie copper mine in Queensland.

The company acquired the mine and other assets last year for about $106 million from CopperCo, which was placed in administration in 2008 after failing to retire a $45 million debt facility.

"Coupled with the disposal of non-core shareholdings for $28 million earlier in the year, cash realisations now exceed the acquisition cost of the entire portfolio of CopperCo assets," Mr Sage said.

Cape Lambert said today it had completed the sale of the mine to Hong Kong listed China Sci-Tech Holdings, receiving about $132 million after various settlement adjustments.

"In due course, a further $12 million of Cape Lambert's existing restricted cash will be freed-up on the release of cash backed environmental performance bonds," the company said in a statement.

"The company may also receive up to a further $5 million in deferred payments subject to ... certain production and reserve related milestones being achieved."

Cape Lambert is yet to sell the Sappes gold project in Greece and a 25 per cent interest in the Lady Loretta lead-zinc-silver project in Queensland, both acquired from CopperCo.
Cape Lambert shares were up three cents, or 7.41 per cent, to 43.5 cents at 10.50am.

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