Cape Lambert Iron Ore Ltd is aggressively pursuing its new investment strategy, with two of its vehicles agreeing to merge and plans to spin off its only producing asset in the largest resources float this year. Cape Lambert has lodged a prospectus for the Q Copper Australia Ltd initial public offer (IPO) of 214 million shares at $1 each, seeking to raise up to $214 million before costs, it said on Tuesday. Q Copper is the vehicle for the prized Lady Annie copper mine in Northern Queensland, which Cape Lambert bought for $80 million in May from CopperCo Ltd after that company collapsed. Cape Lambert has been on a buying spree of distressed and undervalued assets since selling its namesake project in Western Australia's Pilbara region to a Chinese party for $400 million early last year.