jubilee buys stake in mpi; moves to diversify beyo

  1. 708 Posts.
    Jubilee has spent $3 million yesterday buying a 8.5% stake in MPI Mines (MPM) from Finnish miner Outokumpu. The purchase was done at 43cps.

    MPM owns 80% of the Silver Swan nickel mine in WA, which probably has the most appeal to Jubilee, as they may see this project as a means to diversify its nickel production beyond Cosmos. MPM also owns 50% of the Stawell gold mine in VIC and 25% of the Coolgardie gold JV (with HER) in WA.

    The MD of Jubilee has not ruled out 'further purchases'.

    Other shareholders in MPM are Lion Selection Group (LSG) with a 15.5% stake.

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