CLIO Cape Lambert

 

TIDMCLIO 
 
RNS Number : 9288M 
Cape Lambert Iron Ore Limited 
06 February 2009 
 
Cape Lambert Iron Ore Limited 
6 February 2009 
Cape Lambert acquires CopperCo secured debt 
 
 
Australian resources company Cape Lambert Iron Ore Limited ("Cape Lambert") 
(ASX: CFE, AIM: CLIO) has today acquired the secured debt owed by ASX listed 
CopperCo Limited (ASX: CUO) ("CopperCo") and its subsidiaries from Macquarie 
Bank Limited ("Macquarie") and LinQ Capital Limited as Responsible Entity for 
the LinQ Resources Fund. 
 
 
The directors of CopperCo and other members of the CopperCo corporate group 
appointed joint and several administrators on 26 November 2008. On the following 
day, Macquarie appointed joint and several receivers and managers. Following the 
acquisition of the secured debt by Cape Lambert, the existing receivers and 
managers have been replaced and Gary Doran and David Lombe of Deloitte Touche 
Tohmatsu Australia have been appointed as new joint and several receivers and 
managers. 
 
 
Under the transaction, Cape Lambert acquired CopperCo's outstanding secured debt 
to these parties for a total cash payment of approximately AUD$72.7 million (the 
payment of approximately AUD$15.0 million of which is deferred until late July 
2009). 
 
 
In addition, Cape Lambert has provided bank guarantees in place of existing 
performance bonds and receivers unpaid liabilities to an approximate aggregate 
of AUD$33.8 million. 
 
 
The Board of Cape Lambert believes that the CopperCo group holds an attractive 
portfolio of assets which represent significant value, despite current market 
conditions.  Cape Lambert believes that this transaction provides an exposure to 
CopperCo's assets in a relatively low-risk manner and is confident of securing a 
return on its investment. 
 
 
A further announcement in relation to this transaction will be made in due 
course. 
 
 
For more information please contact: 
 
 
Cape Lambert Iron Ore Limited: 
Tony Sage +61 (0)8 9380 9555 
 
 
Australian Enquiries: 
Professional Public Relations 
David Tasker +61 (0)8 9388 0944/ +61 433 112 936 
 
 
UK Enquiries: 
Nominated Adviser: 
Grant Thornton UK LLP 
Fiona Owen +44 (0)20 7383 5100 
 
 
AIM Broker: 
Collins Stewart Europe Limited 
Adrian Hadden +44 (0)20 7523 8353 
 
 
Conduit PR: 
Jos Simson +44 (0)20 7429 6603/+44 (0)7899 870 450 
Jane Stacey +44 (0)20 7429 6606 
 
 
Website: www.capelam.com.au 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 ACQTFMBTMMTMBLL 
 

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