Cape Lambert boss Tony Sage has cemented his reputation as an acquisitive dealmaker after securing 37 per cent of iron ore explorer DMC Mining.
Cape Lambert said today it had acquired the stake through the conversion of a $2 million convertible note and exercise of 5 million options through a wholly owned subsidiary.
The group will now lobby for additional board representation.
"We believe Cape Lambert’s involvement with DMC provides a win-win outcome whereby DMC shareholders will have access to our strong balance sheet, and corporate and technical expertise, and Cape Lambert shareholders will have exposure to the potentially world class Mayoko iron ore project located in the Republic of Congo," Mr Sage said.
The move comes at the end of a big week for Cape Lambert, which saw it finalise the acquisition of the assets of collapsed miner CopperCo and move to roll the board at Buka Gold, in which it has a 20 per cent stake.
