(MENAFN- ProactiveInvestors)
() has revealed that POSCO Australia has sold its 15.2% stake in Sandfire via an institutional block trade completed this morning at an average price of $5.43 per share.
The stake is worth circa $129 million.
POSCO acquired a cornerstone stake in Sandfire in 2008 as part of a strategic alliance between the companies which also included certain product off-take rights and board representation.
At the end of 2008 Sandfire was still trading at below $0.10.
In 2009 the stock skyrocketed after the DeGrussa discovery peaking in 2012 at over $9.
With the sale of its stake POSCO’s commercial rights will now lapse under the terms of those agreements.
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX emerging companies with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.