The Australian iron ore company Cape Lambert Iron Ore Limited (Cape Lambert) has announced that its shareholders approved a AU$400 million ($382.4 million) sale of its Western Australia-based namesake iron ore project to China Metallurgical Group Corporation (MCC).
The project under question comprises four key exploration licenses, namely E47/1462, E47/1271, E47/1233 and E47/1248.
With all conditions of the sale being met, the parties are to move to the finalization of the transaction by the end of the current month. At the current time, the first substantive payment, AU$240 million ($229.6 million), will be paid to Cape Lambert, with most of the remaining payment to be made in the coming 60 days. The final payment of AU$80 million ($76.5 million) is to be made upon the granting of a mining lease at the project. MCC has already paid a deposit of AU$10 million ($9.6 million).