Cape Lambert Resources Ltd requested for trading halt of its share while it settles the sale of its Lady Annie mine in Queensland to China Sci-tech for $135 million.

Shareholders of China Sci-Tech Holdings Ltd on Sunday overwhelmingly approved its $135 million acquisition of the mine from Cape Lambert Resources.

The shareholders' approval was the final condition for the completion of the sale.

Cape Lambert acquired the Lady Annie mine and other assets from CopperCo Ltd last year for about $106 million.

Cape Lambert said in early May that it intends to pay between $0.08 and $0.10 a share to shareholders once the $130 million cash is received.

"On completion of the sale, we will be in receipt of A$130-million in cash, at which time we will be able to finalise our plans regarding payment of a partially franked dividend to shareholders," said Cape Lambert chairperson Tony Sage.

Cape Lambert also plans to use a part of the funds received to ramp-up its drilling programme at the Marampa iron-ore project, and to start drill assessment at the Pinnacle assets, both located in Sierra Leone, West Africa.

Cape Lambert is vying with China's Meijin Energy Group Ltd to takeover West Africa-focused iron ore explorer DMC Mining Ltd.

Cape Lambert shares last traded at 40.5 cents.