Michael Kiernan, MD of Australian resources group Consolidated...

Michael Kiernan, MD of Australian resources group Consolidated Minerals (ConsMin), says it will buy back some of its stock.

It may repurchase 5% of its shares, after their price fell 10% due to institutional investor Southern Cross Equities divesting its ConsMin holding. Kiernan, who argues the move was an "over-reaction", says the company plans to switch its focus from chromite and manganese to nickel, with a $A25m facility to be built in Western Australia.

To complement ConsMin's mine, it will be capable of annual output of as much as 25,000 tonnes of concentrate. The shares closed at $A3.25 on 27 October 2005.