Cape Lambert Chairperson Announces Leichhardt Sale

Mining Weekly reported that Cape Lambert Resources Ltd. (ASX:CFE) is going to sell its Leichhardt copper project, which is located near Mount Isa. It will use the A$25 million that it receives for the sale to develop its assets portfolio.

As quoted in the market news:

[Chairperson Tony Sage] said the cash sale of the Leichhardt project was a successful execution of Cape Lambert’s strategy of acquiring and investing in undervalued or distressed mineral assets and companies, and adding value to those assets to enable the company to convert them to cash.

The Leichhardt copper project comprises a copper cathode process plant capable of producing some 9 000 t/y of copper cathode, as well as the surrounding landholding. Cape Lambert acquired the project in 2010 for A$7.75-million.

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