PERTH (miningweekly.com) – ASX-listed resources explorer Cape Lambert on Thursday requested a trading halt, pending an announcement about the sale of its Lady Annie copper project, in Queensland.

Cape Lambert’s initial plan for the Lady Annie project was a spin-off by way of an initial public offering (IPO) of Q Copper, which was set to list on the ASX.

In November, Q Copper lodged an IPO prospectus with the Australian Securities and Investment Commission to raise A$203-million. A month later, it had extended the closing date for the IPO and resolved to reduce the minimum raising to A$164,5-million (before costs).

The IPO was withdrawn last month, owing to “issues affecting both the stock market and commodities markets”.

Cape Lambert said on Thursday that its share trading on the ASX was likely to resume on March 15.

In June, Cape Lambert completed the acquisition of the CopperCo assets, which included the Lady Annie project. Initial exploration drilling at the project had been set to start in late February.

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