Cape Lambert completes sale of Lady Loretta project to Xstrata

Australian mineral investment company Cape Lambert Resources has announced the completion of the sale of its 25 percent interest in the Lady Loretta project in northwest Queensland for $30 million in cash to Noranda Pacific Pty Limited, a wholly-owned subsidiary of Anglo-Swiss mining giant Xstrata plc.
 
Cape Lambert's executive chairman Tony Sage said that, following the settlement of Lady Loretta, the company has close to $220 million in liquid assets and receivables, which places it in a very strong position to develop its three iron ore assets in West Africa.
 
The Lady Loretta project comprises an advanced underground high grade zinc-lead-silver massive sulphide deposit.