No, I don't know who else bought -- please enlighten me! -- but here's who sold.
Junior miner Amerigo cashes in with Chariot stock sale
yahoo.reuters.com
OTTAWA, Oct 5 (Reuters) - Junior miner Amerigo Resources Ltd. (ARG.TO: Quote, Profile, Research) on Thursday said it turned a C$9.7 million ($8.7 million) profit on the sale of its stake in Chariot Resources Ltd to Rio Narcea Gold Mines Ltd. (RNG.TO: Quote, Profile, Research)
Amerigo, which produces copper and molybdenum from operations near Santiago, Chile, said the C$24.1 million sale represents a return of about 68 percent over the seven months since it acquired the common shares and warrants.
"It's about 10 (Canadian) cents a share, so it's a nice gain," Amerigo general counsel Michael Kuta told Reuters.
"Our stock has just gotten slaughtered over the last little while because we've got a temporary production issue."
Chile's El Teniente, the world's biggest copper mine and operated by state-owned Codelco, said in August it will restrict the flow of tailings between the mine and Amerigo's nearby copper and molybdenum producer for four months due to environmental concerns.
Amerigo shares gained about 5.5 percent, or 10 Canadian cents, to close at C$1.90 on the Toronto Stock Exchange after a trading halt was lifted on Thursday afternoon. The stock peaked at C$3.18 in February.
Canadian gold and nickel miner Rio Narcea is buying 31.8 million of Chariot's (CHD.V: Quote, Profile, Research) common shares for 65 Canadian cents per share and 11.5 million of its warrants for 35 Canadian cents apiece.
Rio Narcea said it now holds 16.4 percent of Chariot's common shares.
"Rio Narcea is impressed with the potential of Chariot and its Marcona copper project, which is located in southern Peru," Chris von Christierson, Rio Narcea's chief executive said in a statement.
($1=$1.12 Canadian) |
