mining advocate - lady annie

Lady Annie ‘a fantastic asset’

New owner Cape Lambert Iron Ore reveals its strategy to add value to the former CopperCo site in north-west Queensland.
Perth businessman Tony Sage believes he knows a good deal
when he sees it. For the chief executive of Cape Lambert Iron Ore, his company has achieved just that with its purchase of failed miner CopperCo’s assets – including
the Lady Annie operation, 120km north of Mount Isa.
Cape Lambert, which officially took the reins of the former
CopperCo business on June 30, has already been fielding offers for that mine from Chinese and Australian players.
“It’s an absolutely fantastic asset,” Mr Sage said of the
operation. Mr Sage said CopperCo had peaked at a market value of about $800 million last year – before the global financial crisis struck – and he believes the Lady Annie operation alone must be worth about $250 million at current copper prices. Cape Lambert paid $85 million for that asset as part...................read the full article on page 5 of Mining Advocate magazine at

http://www.industryadvocate.com.au/editions/TMA_July_09.pdf