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.