Australian resources and investment company Cape Lambert Resources Limited has announced that it has completed the acquisition of shares in Pinnacle Group Assets Limited, a privately held company registered in Sierra Leone. Accordingly, Cape Lambert has acquired an additional 42.8 percent of Pinnacle, increasing its interest in the company to 90.2 percent.
The total sales consideration was A$49,005,000 (US$52,009,570), A$32,670,000 (US$34,675,000) of which was paid as Cape Lambert shares. The remaining amount of A$16,335,000 (US$17,331,000) is payable in cash on or before December 31, 2011.
Pinnacle owns the Kukuna iron ore project located in Sierra Leone and the Sandenia iron ore project located in the Republic of Guinea.