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chansw

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Anyone on this one? It is headed by Ian Burston, the same Chairman as Aztec Resources. They have already signed a few MOUs with some big Chinese firms. Also, an Indian firm, Essar Group, is looking into it as well.


Indian firm interested in Cape Lambert
November 17, 2006 - 5:47PM
http://www.theage.com.au/news/Business/Indian-firm-interested-in-Cape-Lambert/2006/11/17/1163266772555.html

Large Indian corporate house Essar Group is reportedly in discussions with iron ore hopeful Cape Lambert Iron Ore to build a pellet plant at its namesake project in Western Australia.

According to media reports out of India, Essar is looking to take a stake in Cape Lambert and build a pellet plant at the project site.

Cape Lambert declined to comment, but sources close to the company confirmed that representatives for Essar have conducted due diligence on the project and had meetings with Cape Lambert management.

Essar has interests in the manufacturing and service sectors including steel, oil and gas, shipping and construction.

Cape Lambert is looking at a potential 15 million tonne per annum operation coming onstream by 2009 and costing about $600 million.

A pellet plant could add a further $1 billion to the capital cost.

Ironically, Cape Lambert chairman Ian Burston ruled out the construction of a pellet plant at a briefing in August, citing the added cost would put a big question mark on project economics.

Cape Lambert has signed non-binding agreements with three Chinese outfits for potential equity stakes in the company and offtake from the project.

However, Cape Lambert has said it is in negotiations with other groups with a view to selecting a partner that it is not only committed to take ore, but also develop the project.

Shares in Cape Lambert edged one cent higher to close at 31.5 cents on Friday.
 
Hi
I have been holding this stock for quite a while on the advice of a friend who had travelled to the West to check out the mines and came back very enthusiastic; but so far nothing much has happened to the sp.

Today I saw a posting on another site saying that Indian companies are looking for iron ore in the Cape Lambert region. I did some more checking and found this heading: (I don't subscribe to Business News, sorry)

"Cape Lambert hoses down Essar agreement speculation


Written by Andrew Hobbs
Leederville-based iron ore company Cape Lambert Iron Ore Ltd has moved to hose down speculation of an agreement with Indian steel giant Essar Group, saying the company remained in negotiations with other parties. "

CFE have stated in the past that they don't want to tie themselves down to any deals until they know how large their deposit is. It is apparently a very large deposit. It seems they are being courted by various parties, including the Chinese (CITIC).

Cheers

Taurisk
 
boards still pretty thin atm. must have been insto backing an iron ore deal? anyone got the listings?
 
i am hearing all sorts of rumours, take overs, deal with the chinese about to be signed.. all kinds of things.
 
noobs said:
CFE in pre-open announcement pending
Click to expand...

Sorry I'm fairly new and never seen this before - what exactly is going on? Is it in a trading halt? Until ann is released?
 
Oh, boy, someone finally recognize the value of this one. It was beaten up to semi-death when people are in favor of hematite no matter where the location is.

Magnetite is fine if the resource is huge. But most importantly,

Just look at the map, it is within a stone throw from a port.
 
Talks with a third party. Why didnt they go Trading Halt before the obvious leak?

ASX wont be too happy.
 
sampson said:
Talks with a third party. Why didnt they go Trading Halt before the obvious leak?

ASX wont be too happy.
Click to expand...

Sampson just out of curiosity where did you find out this info?
 
Thanks Happytown, was busy when ann came out and didn't have a good look at it, will do now.
 
CLIO.L, AIM List code finished at 27.25p from 14.75p, equal to: 36c to 66c Aus.

"Australia-based mineral exploration company Cape Lambert Iron Plc said on Friday it was in talks that may lead to a part disposal of its iron ore project"
 
China stokes iron ore fever

24th March 2007, 10:45 WST

http://www.thewest.com.au/default.aspx?MenuID=32&ContentID=24333

"Meanwhile, Cape Lambert Iron is believed to be on the verge of securing a major Chinese group, most likely Sinosteel, as a partner in its namesake $1 billion magnetite project.

The company yesterday called a trading halt after a query over a 25 per cent surge in its share price to 46.5 ¢ and said “commercial negotiations with a third party are continuing”. "
 
JACKPOT!!!
____________________________________________________

Australian miner Cape Lambert Iron Ore Ltd. (CFE.AU) said Monday it has concluded a major deal relating to its key iron ore project.

Chief executive Tony Sage said the company has closed a major deal with a Chinese entity and an announcement will be made to the stock exchange Tuesday morning.

"We did complete a deal and the shareholders have a right to know as quickly as possible," Sage told Dow Jones Newswires in an interview.

"We have just flown back in from Beijing with the documents and we are getting ourlawyers to go through it and we are just awaiting a payment to solidify a deal."

Cape Lambert Friday said it is in discussions with a third party which could lead topart sale of its iron ore project in Western Australia, leading to speculation a major Chinese company will sign an offtake deal and take a controlling equity stake.

Prior to speculation about a deal Cape Lambert had a market capitalization of about A$80 million, and Sage said the transaction was about four times that size.

"The market will get a bit of a shock tomorrow," Sage added.

Cape Lambert shares last traded at 46.5 cents, valuing the company at about A$115 million.

Sage confirmed the deal relates to the company's magnetite iron ore project in the Pilbara region of Western Australia and will require shareholder approval.

"Shareholders have to approve it because it is our major asset, but 48% of the stock is concentrated with four people who have been very instrumental in getting the deal done," he said.

With its key Pilbara project having a resource of 2.5 billion tons of magnetite iron ore, Cape Lambert has been in talks with Chinese steel major SinoSteel for eight monthsbut Sage would not confirm the identity of the entity involved or details of the deal.

The Perth-based company has said a project with annual output of five million to seven million tons could be up and running in late 2009.

Chinese steel makers have been keen to sign offtake agreements with Australian juniors developing new iron ore projects.

Soaring contract prices and the dominance of three major suppliers are driving the Chinese to look to lock in new sources of supply for their booming steel industry.
 

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