Sandfire Resources reveals POSCO sells cornerstone stake
http://www.*.com.au/companies/news/...eals-posco-sells-cornerstone-stake-62367.html
'Sandfire Resources (ASX:SFR) 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.'
Posted as a reference - happy days a head!
Sandfire Resources reveals POSCO sells cornerstone stake
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