Cape Lambert resolves stoush with Power

Thursday October 9, 2008, 6:48 pm Cape Lambert Iron Ore and its second largest shareholder, Power United, have resolved a dispute over the iron ore explorer's plans to embark on its first offshore project, Marampa in Sierra Leone. Cape Lambert has called off an October 15 shareholder meeting, which was requisitioned last month by Power United to oust the iron ore explorer's incumbent board. Power United said at the time it had lost faith in Cape Lambert's board because it had finalised the first stage of the $US200 million ($A287 million) Marampa acquisition without asking shareholders to approve the purchase. Power United also said it was not convinced the acquisition was a quality investment. But on Thursday, Cape Lambert said: "matters were resolved on the basis that a complete geological and technical review of the... [read full story]