Cape Lambert Iron Ore yesterday appointed Patersons Securities to act as lead manager in the proposed divestment of its Lady Annie Copper Project in Northern Queensland.
The company obtained the project earlier in the year when it acquired the assets of CopperCo, which was in receivership.
“When we completed the transaction we said we would be reviewing all assets and disposing of those that were non-core to our strategy of incubation, adding value and divestment,” Cape Lambert chairman Tony Sage said.
“Lady Annie is an excellent copper project, currently capable of producing circa 25,000 tonnes of copper cathode per year.
“We have utilised our technical team to remove any contracts that were inefficient to the operation and are in the process of securing excellent new management.”
The company will divest the project via an initial public offer.