Cape Lambert Resources has sold off its Lady Annie copper mine to an Asian buyer. The company managed to raise $35 million from the sale.

The sale will be finalised soon as the price that Cape Lambert is getting is far more than what it could have raised by floating 15 per cent of its stake.

Executive Chairman Tony Sage informed Dow Jones Newswires that through its IPO, only $108.5 million could have been raised.

Tony also said that it went for selling since it would be getting cash immediately rather than waiting for a long time for the issue to get over.

He also said that Cape Lambert would be getting $35 million, which is higher than the earlier decided amount.

But, as per the news report, the sale price is somewhere close to the earlier decided amount of $150 million.

No name of the buyer was disclosed. Tony said that it was a public listed company, with more than a billion dollars as cash reserves. He also said that it was based in a place which is under the jurisdiction of China.