FYI,Cape Lambert resolves stoush with PowerOctober 9, 2008 -...

FYI,

Cape Lambert resolves stoush with Power
October 9, 2008 - 6:45PM

Cape Lambert Iron Ore and its second largest shareholder, Power United, have resolved a dispute over the iron ore explorer's plans to embark on its first offshore project, Marampa in Sierra Leone.

Cape Lambert has called off an October 15 shareholder meeting, which was requisitioned last month by Power United to oust the iron ore explorer's incumbent board.

Power United said at the time it had lost faith in Cape Lambert's board because it had finalised the first stage of the $US200 million ($A287 million) Marampa acquisition without asking shareholders to approve the purchase.

Power United also said it was not convinced the acquisition was a quality investment.

But on Thursday, Cape Lambert said: "matters were resolved on the basis that a complete geological and technical review of the Marampa project has now been completed by Power United".

It said the positive outcome followed extensive negotiations between the parties.

Cape Lambert said Power United now shared its optimism for the project and believed that working in conjunction with African Minerals Ltd, the company Cape Lambert is acquiring to get hold of Marampa, would provide significant benefits to shareholders and to Sierra Leone.

Cape Lambert will offer new board positions to Power United nominee Anthony Roberts, who has previously worked for BHP and Placer Dome, and to a nominee of African Minerals.

Cape Lambert is targeting one billion tonnes of hematite iron ore at the Marampa project.

It will review and potentially acquire an interest in other advanced stage mining projects.

"With the current market situation, the company believes that there are number of opportunities available that can be capitalised on," the Perth-headquartered company said.

Shares in Cape Lambert closed up 2.44 per cent at 42 cents.

© 2008 AAP







Could well be a little more Boardroom shuffling yet!!

Must be getting pretty close to starting a new game??

Should be the Russians first move this time!!!