Monday, 11 Jul 2011
AAP reported that Cape Lambert Resources plans to list its Marampa iron ore asset in Sierra Leone on the London Stock Exchange.
Cape Lambert said that the initial public offer is expected to raise about USD 500 million. It said that the listing plans were put into train after Cape Lambert confirmed a 680 million tonne resource at Marampa, a much higher amount than the 500 million tonne minimum required by the company for a float.
Mr Tony Sage chairman of Cape Lambert said that a trade sale is still a possibility but the London listing is the preferred option. He told AAP that "The London market has only got two west African iron ore players whereas the Australian market probably has got four or five, so we think it would work better in that (London) market.”
Mr Sage said that a name for the spin off company would be decided after consultation with the Sierra Leone mines minister, who would make his first visit to Perth soon to meet Cape Lambert.
(sourced from AAP)
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