PERTH (miningweekly.com) – Australian billionaire Kerry Stokes has offloaded about A$30-million worth of shares in ASX-listed gold miner Saracen Mineral Holdings.
Prior to the on-market share sale, Stokes, through his privately held financial firm Wroxby, had held a 6% interest in Saracen, which currently has more than 820.2-million shares in circulation.
Wroxby offloaded more than 9.88-million shares between January 7 and January 10, at prices ranging between A$3.13c a share and A$3 a share.
The share dump saw Saracen shares trading at a low of A$2.94 a share by late Tuesday.
The miner posted record gold production in 2018 of 316 000 oz from its Carosue Dam and Thunderbox mines, in Western Australia, and finished the year with A$118-million of cash and equivalents.
For the 2019 financial year, Saracen is predicting a production of between 325 000 oz and 345 000 oz.