Forrest buys more Mincor shares

Andrew Forrest’s Squadron Resources has spent a further A$3.2 million buying shares in nickel developer Mincor Resources (reports MiningNews).
20th March 2020
Resources Rising Stars

Andrew Forrest’s Squadron Resources has spent a further A$3.2 million buying shares in nickel developer Mincor Resources (reports MiningNews).

Another 6.1 million shares were acquired on-market on Thursday and Friday of last week.

Squadron now holds nearly 47 million Mincor shares, or 13.8%, up from 12% last week and 8.5% last month.

It takes Squadron's total spend on Mincor shares to about $17 million since December.

Forrest first invested in Mincor late last year via participation in the company's $35.5 million capital raising and is the company's only substantial shareholder, though nickel producer IGO is on the register.

Mincor is due to release a maiden ore reserve for its high-grade Cassini discovery and the definitive feasibility study for a Kambalda restart this month.

Early works at Cassini are already underway after Mincor awarded the contract to Hampton Mining and Civil Services last month.

Mincor had about $56.3 million cash at the end of December.

Forrest also has a newly acquired 5.9% stake in Panoramic Resources and a long-held 17% stake in Poseidon Nickel.

Read more at https://www.miningnews.net/capital-markets/news/1383018/forrest-buys-more-mincor-shares

Subscribe to the RRS Weekly Wrap

© 2020 Resources Rising Stars All Rights Reserved