06/09/2013 - 10:29

ConsMin reaps $111m from BC Iron share sale

06/09/2013 - 10:29

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ConsMin reaps $111m from BC Iron share sale
Surface mining operations at BC Iron's Nullagine joint venture with Fortescue Metals Group.

Manganese miner Consolidated Minerals has boosted its coffers by around $111 million, after selling its 23 per cent stake in iron ore junior BC Iron.

BC told the ASX today that ConsMin had sold all of the shares it held in BC Iron for $3.90 each.

The shares were sold to a range of institutional investors via a book build completed yesterday evening, BC said.

"The sale of these shares increases BC Iron's free-float and is expected to further improve liquidity," the company said in a statement.

BC Iron's shares fell 2.4 per cent on the ASX, closing trade at $4.00.

The company's stock hit a record-high of $4.50 earlier this week, on the back of reporting a solid performance in the 2013 financial year.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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