Exploration partnership

Cape Lambert Iron Ore is set to acquire an 18.7% stake in Australian uranium company Cauldron Energy.

Cape Lambert Iron Ore is set to acquire an 18.7% stake in Australian uranium company Cauldron Energy with a view to commencing major exploration activities both in Australia and overseas, the company said in a statement.

The acquisition will benefit both parties in terms of finances and exploration, Cape Lambert executive chairman Tony Sage said.

“We believe Cape Lambert’s involvement with Cauldron provides a win-win outcome whereby Cauldron shareholders will have access to our strong balance sheet and Cape Lambert shareholders will have exposure to the potentially world class Australian and Argentinean uranium projects,” he said.

Cauldron Energy’s chief executive Terry Topping agrees the transaction will ensure sufficient resources to undertake an aggressive uranium exploration program.

“We look forward to working with Cape Lambert to achieve our operational and corporate objectives,” he said.

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