Cape Lambert Iron Ore Share Discussion Threads

[petemorr] 06/8/2008 10:39

I read somewhere between 67 and 90 aus cents depending how its valued. I'll hold due to South project and also other opportunities in the pipe. I assume trading halt will be lifted in ANZ tommorow and it will go...err...up...:)

[littlemadam] 06/8/2008 10:38

wish i had topped up at 26p, still i am a very happy holder from here on.

I see why it is difficult to value the company at this stage, particularly with this morning's statement about future prospects. I particularly like the fact that CLIO will now have the cash to develop its own prospects.

[divinausa1] 06/8/2008 10:28

at the moment South project is valued by the market as didly sh!t. Thats why im a buyer.

[doji star] 06/8/2008 10:27

the current market cap is still under cash in hand, but the options situation make things a little more complicated.

If you add the Aus$80m in september to the Aus$270m and the Cape Lambert South project then it looks good value to me, but thats just my opinion.

[johnspain] 06/8/2008 10:12

guys, not following closely, what is fair value?

[doji star] 06/8/2008 10:12

maybe it will get to some where near cash value now.

[petemorr] 06/8/2008 10:02

The cheque arrived....

[doji star] 06/8/2008 06:51

Cape Lambert in trading halt

6th August 2008, 9:30 WST

Cape Lambert has gone into a trading halt on speculation that the $400 million sale of the company's namesake magnetite project may not go ahead.

The sale, agreed to last week, looks set to go down to the wire after China Metallurgical Group Corp's (MCC) cash again failed to materialise.
Yesterday Cape Lambert director Tony Sage said that today was the last day the deal could have settled.

The halt is due to be lifted by Friday.

"They've already on-sold 75 per cent of the project, so if they don't settle that agreement falls to the ground and (Russian firm) Evraz, who didn't make a takeover bid (for Cape Lambert) because of that agreement will feel free to take us over," he said.

"The delay hasn't been caused by anything done by MCC, it's been caused by paperwork that we needed to get done under the terms of the agreement."

Cape Lambert shares were unchanged at 58¢ at 8.30am.

[eddie catflap] 05/8/2008 12:10

I had read that the receipt was expected yesterday and the fall in OZ would indicate that the second deadline has also been missed.

They will have to make an announcement very soon.

[petemorr] 05/8/2008 10:27

Tony Sage said Monday, people on hotcopper seem to think wed, I have no idea....:)

[ianbrewster] 05/8/2008 08:59

Was due 'start of month' - must be taking a while to count out the 1$ notes!!

[littlemadam] 05/8/2008 08:35

Ian, Eddie.

Any idea what position is of cash from Chinese? When is/was it due? Should we start to panic?

[littlemadam] 04/8/2008 11:01

if Evraz wanted to pick up more CLIO shares would they buy in London or Aus?

[eddie catflap] 02/8/2008 21:19

Ian,

as the article linked above says,

"Cape Lambert shares closed steady at 59¢ yesterday. The MCC deal values Cape Lambert between 67¢ and 90¢, depending on which analysis is used, and confirmation the down payment has been received is expected to rerate the WA miner's stock. "

(Basically 32p-45p)

It is hard to value but my own calculation falls within that range. I suspect the shares have fallen too far due to the lack of the suspected takeover and the fact the cash hasn't arrived.

On confirmation of receipt, the shares should trade within range but there are no guarantees.

Regards,

[ianbrewster] 02/8/2008 20:22

eddie - why do think we would be re-rated??

[eddie catflap] 02/8/2008 13:45

Blimey.

i wasn't expecting that. The money just not turning up. How the hell does that happen? Is there a Chinese fella going "boiinnng" as he puts a rubber cheque in the post!

Well, it's a binary bet now. The cash arrives Monday and we are re-rated...or it doesn't and down we go. However, surely Evraz will step in then as they have signed a JV agreement for an asset that is not owned.

Not long to wait.

[jakes114] 02/8/2008 11:46

nice find Petemorr, its always good to be told the cheque is in the post
Something to look forward to on Monday

[petemorr] 02/8/2008 10:09

Seems that the "cheque is in the post"...

[petemorr] 01/8/2008 18:52

At what point will the money turn up I wonder...?!

[the metal man] 31/7/2008 17:45

Interesting article. So how much did Evraz pay MCC for a 75% stake in the project? This 'agreement' must have been in the pipeline for some time, so where does that leave CLIO in all of this, Evraz still have a stake and CLIO with AUD$400m?

[littlemadam] 31/7/2008 13:43

TMM good point reflects my thinking

[the metal man] 31/7/2008 11:29

Perhaps speculation again, that Evraz will now bid for CLIO as it has secured a large slice of the project independently, CLIO still has another project along with AUD$400m.

[littlemadam] 31/7/2008 11:25

TMM, so why the rise?

[the metal man] 31/7/2008 11:03

Nothing. They sold the project.