Sandfire boss sells down for $6m

The head of Perth-based Sandfire Resources has sold down a fifth of his stake in the miner, pocketing $6.1 million from the on-market trade.

Sandfire managing director Karl Simich sold 1 million shares in the company at a price of about $6.11 per share.

The reason for the share sale was not disclosed.

He retains an indirect shareholding of about 5 million shares, which at the miner’s closing price of $5.81 today is worth about $29 million.