West Perth-based Kimberley Diamond Company NL founder Graeme Hutton has reduced his indirect interest in the company by 550,000 shares for a consideration of $461,003.
West Perth-based Kimberley Diamond Company NL founder Graeme Hutton has reduced his indirect interest in the company by 550,000 shares for a consideration of $461,003.
Mr Hutton, who is a non-executive director of recently listed gold and base metal explorer Brumby Resources, has now reduced his interest in the company to almost 12 million shares valued at approximately $10.7 million.
Kimberley Diamonds, which is chaired by Miles Kennedy, last month raised $25.5 million through a placement, enabling it to pursue revenue enhancing marketing and operational initiatives.
The company issued 30 million shares at 85 cents each to eligible investors through Argonaut Ltd, with the offer closing oversubscribed.
Earlier this year, Kimberley Diamond awarded a four-year mining contract worth $120 million to Welshpool’s Macmahon Holdings Ltd.
The mining contract was the largest single contract to be awarded by Kimberley since the commencement of production at its Ellendale Diamond Project in 2002. It covers both open cut mining operations at the Ellendale 4 diamond mine and continued works at the existing Ellendale 9 diamond operations.
In other news, gold miner Resolute Ltd CEO and director Peter Sullivan has both increased and decreased his direct and indirect interest in the company.
On the December 8, Mr Sullivan exercised two million employee options to subscribe for Resolute Mining fully paid ordinary shares with an exercise price of 42 cents for a total consideration of $840,000, and disposed of 200,000 shares through an on-market sale for a consideration of $340,229. Following the change, Mr Sullivan holds 2.6 million ordinary shares valued at $4.7 million.
Last month, Resolute announced cash costs at its Golden Pride mine in Tanzania would increase by between $US10 and $US15 per ounce after it agreed to modify tax concessions and spend more on community development programs.
These changes follow a significant increase in cash costs to $US392 per ounce in the September quarter from $US355 in the June quarter.
Resolute produced 32,203 ounces at Golden Pride in the September quarter, which was nearly half the group’s total gold production.
Meanwhile, on December 11, nickel sulphide and gold deposits explorer AusQuest Ltd non-executive director Christopher Ellis bought five million shares for a total consideration of $1 million. His indirect interest is now 7.6 million shares valued at $1.5 million.
