Medusa Mining shareholder cuts stake
Date
12/24/2014 3:46:47 AM
(MENAFN- ProactiveInvestors) () which operates the Co-O gold mine in the Philippines has seen money manager Van Eck reduce its stake in the company.
Van Eck’s shareholding has been cut from 23.97mln shares to 13.27mln which means its voting power has been reduced from 11.54% of the total to 6.39%.
The company revealed last week it has attained future power security by striking a deal over 9000 hectares of coal operating contracts and forming a strategic alliance with Perth-based Swan Energy.
This alliance is to finance build and operate a 30 megawatt power station and be the exclusive power supplier to the group's operations.
Shares fell 3.8% to 63.5 cents on the Australian stock exchange.
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