Cape Lambert executive chairman Tony Sage said yesterday the WA group was working towards a possible initial public offering of its wholly owned subsidiary, Australis Exploration, through which it holds phosphate projects in the Northern Territory and Queensland.
The group has also been in talks about the uranium rights over the assets.
"We think within 12 months we will be ready for a fresh IPO (for Australis)," Mr Sage said. "And we won't raise less than $20 million." Mr Sage also revealed the group had put a tentative $US100 million ($114 million) asking price on its 35 per cent stake in the Marampa iron ore project in Sierra Leone.
"That's the asking price and I think something will happen before Christmas on it," he said.
Cape Lambert is already planning a $200 million listing of its Queensland Lady Annie copper mine in what could become WA's biggest resources float of the year.
Mr Sage said that, depending on the outcome of the Lady Annie deal, the company hoped to pay out as much as $50 million in dividends to shareholders early next year.
Shares in Cape Lambert closed 0.5¢ lower at 48.5¢.
GWR Price at posting:
36.5¢ Sentiment: LT Buy Disclosure: Held
