Cape Lambert Resources today entered a trading halt as it prepared to sell off its Lady Annie copper project near Mount Isa, Queensland.
The company had hoped to float the project as part of a $214 million Initial Public Offering (IPO) under the banner of the Q Copper spin-off.
The float was then lowered to $165 million after the withdrawal of a key investor.
However, calls “adverse market conditions” forced the company to shelve the IPO in early February.
The company had just weeks before announced an intention to ramp-up drilling at the project over the next two years, in order to extend the projected lifespan.
In a statement, the Cape Lambert said it would make an announcement on the sale of project before business opens on Monday.