existing-owner-sells-shares-in-australian-zinc-miner

Existing owner sells shares in Australian zinc miner

Zinifex shareholder cashes in after share price more than doubles in past 12 months on rallying metals prices.

By Anette Jönsson

June 05, 2006

Asian share placements have been a rare phenomenon since the equity market sell-off began almost a month ago, but last night investors who are still bullish on metals, in particularly zinc, were given an opportunity to increase their exposure when a shareholder of Australian zinc and lead prodcuer Zinifex sold A$294 million $220 million worth of stock.

The sale, which accounted for about 5.4% of the company and was arranged by Morgan Stanley, came after zinc, copper and aluminum prices have resumed their uptrend over the past week. ZinifexÆs share price is trading about 15% below a high of A$13.54 which it hit on May 12, just as global stock markets turned south, but has...

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