The West

Tony Sage. Picture: Cheyne Tillier-Daly/The West Australian.
Tony Sage. Picture: Cheyne Tillier-Daly/The West Australian.

Cape Lambert shareholders are set to receive a four-cents-a-share, fully-franked dividend from the company paid in two tranches.

The payout follows the company recently reaching a $51.6 million settlement with China's MCC after a long-running dispute over the sale of the Cape Lambert magnetite project in the Pilbara and a separate settlement with the ATO over a disputed tax bill in which the company was forced to pay just $2.4 million on an outstanding liability of $79 million.

Cape Lambert will pay a two cent dividend on October 31 and another two cent dividend on February 27.

The company said it held cash, receivables and listed securities of $94 million, which included unrestricted cash of $65 million. It had also amassed carry forward losses of $62 million.

Executive chairman Tony Sage said the dividends were in line with the company's policy of paying out excess cash to shareholders.

The company said it would use its cash to invest in the resources sector, seeking to capitalise on prevailing funding pressures.

Mr Sage said the company had already identified a range of investment opportunities.

Cape Lambert shares were off one cent, or 6.25 per cent, to 15 cents at 8.25am.

The West Australian

Latest News From The West

Popular videos

Follow Us

More from The West