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Cape Lambert Iron Ore strikes again - this time with a monster Australian copper mining float

The image of Perth-based Tony Sage got another polishing today when his mining house disclosed it was behind what is believed to be Australia's biggest resource float this year.
Cape Lambert Iron Ore strikes again - this time with a monster Australian copper mining float

A prospectus was lodged today for Q Copper Australia Ltd which is seeking to raise $A214 million ($US198.6 M) and to seek listing on the Australian Stock Exchange before Christmas.

Under the proposal Q Copper plans to acquire the Lady Annie copper project in north west Queensland from Cape Lambert Iron Ore Ltd (ASX: CFE), a company controlled by Tony Sage who has strong business interests in Australia and is owner of the national soccer team Perth Glory.

Yesterday Mineweb reported that Cape Lambert had secured Leichhardt Copper from the ashes of Queensland copper company Matrix Metal, and this included a mine and a copper cathode plant of 9,000 tonnes per annum capacity at Mount Cuthbert.

The prospectus for Q Copper says it plans to release 214 million shares at $A1 per share for Lady Annie where it plans to revive mining and copper cathode production at Lady Annie and to explore regionally.

The project has an established open pit, oxide copper mine and has solvent extraction and electrowinning technology. Lady Annie, which has had a long exploration history, has a resource of 24 million tonnes grading 0.9% copper for 223,400t of contained copper and also a transition to sulphide resource of 15.8 Mt @ 0.8% Cu, containing 127,300t of copper metal.

 The tenement package has 18 identified oxide copper drill targets within haulage distance of the process plant and regional tenements cover about 1,500 square kilometres.

Q Copper's objective is to recommence mining by July  next year, ramping up to a target annualised copper production rate of 20,000t for the balance of 2010 and then increasing output in 2011 to 25,000t.

Linked to the announcement was a statement that Cape Lambert Iron Ore will be re-named Cape Lambert Resources Ltd to reflect its broader mineral interests.

 

Mineweb is a web-based international mining publication focusing on mining financial and corporate news and comment.

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