Blumont share dive won't affect Discovery deal - Blumont Copper CEO
MELBOURNE Oct 7 (Reuters) - Blumont Group's share price slump will not affect Blumont Copper's agreement to invest $108 million in Botswana copper miner Discovery Metals, Blumont Copper's chief said on Monday.
"Absolutely not," Blumont Copper CEO Ines Scotland said when asked whether Blumont was having second thoughts about going ahead with the deal after Blumont's 56 percent share price drop on Friday.
Blumont plans to buy $100 million in convertible bonds to be issued by Discovery Metals.
"The price slump and following query had nothing to do with the fundamental value of Blumont's portfolio. It seems to be due to shorters in the market driving the price down and some knowledge gaps at the SGX about the vision that Blumont are executing," Scotland said in an email to Reuters.
Blumont Copper is 85 percent owned by Blumont Group. (Reporting by Sonali Paul; Editing by Paul Tait)
- U.S.' Kerry voices 'regret' to India over diplomat case |
- Washington, DC city council raises minimum wage to $11.50/hr in 2016
- China confirms near miss with U.S. ship in South China Sea
- Medical bills underlie 60 percent of U.S. bankrupts: study
- Mega Millions winners in Georgia, California to split $648 million |