Cape Lambert sells copper project
By Robb M. Stewart
CAPE Lambert Resources said today it has reached an agreement to sell a copper project in Australia for $25 million in cash, and will use the money to develop other assets in the company’s portfolio.
The company, the investment vehicle of businessman Tony Sage, said a binding term sheet has been reached to sell the Leichhardt project in Queensland. The deal is subject to due diligence by the unnamed buyer and government approval, and is scheduled to be completed by late July.