Mineral Resources Drops After Rinehart Sale Report: Sydney Mover
Mineral Resources Ltd. (MIN) fell the most in almost three months in Sydney after the Australian Financial Review reported Gina Rinehart’s Hancock Prospecting Pty sold its stake in the mining services company.
Mineral Resources dropped 3.1 percent, its biggest decline since Nov. 1, to A$10.01 at the close of trading. The benchmark S&P/ASX 200 Index gained 0.5 percent.
Hancock, the iron ore producer owned by Australia’s richest woman, sold its stake in Mineral Resources for A$150 million ($157 million), the newspaper reported, without saying where it got the information.
As many as 14.9 million Mineral Resources shares, or about 8 percent of its total outstanding stock, exchanged hands at A$10 apiece at 11:58 a.m. Sydney time, valuing the transaction at almost A$150 million, according to data compiled by Bloomberg.
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