Cape Lambert's US$367mn Sale

August 2008 | M&A News Alert

Australian iron ore exploration and development firm Cape Lambert Iron Ore (Cape Lambert) has settled the US$367mn sale of its flagship iron ore deposit in Pilbara, Western Australia. Shareholders had on July 28 approved the sale to China Metallurgical Group (MCC), after clearance from Australia's foreign investment regulators. The first payment of US$219.32mn has already been received, while subsequent payments totalling US$146.19mn will go through once a mining lease has been granted. The deal comes despite fears that regulators may balk at further foreign ownership of national resources.

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