Summary
GALENA ASSET MANAGEMENT has taken a significant holding in Van Dieman Mines.
Galena, which is a subsidiary of one of the world's largest independent commodity traders, Trafigura, has hoovered up 12,420,000 shares, or an 8.05% stake in the AIM-listed Pounds 21 million firm. The stake is held in the firm's Specials Situations fund, a multi- strategy commodity fund investing in the mining, energy and freight sectors. Van Dieman recently raised Pounds 4.5 million through a placing of 35 million shares at 10p each. It is using the proceeds to help in the debt financing of its Scotiaproject. Production from the Scotiamine is expected to be approximately 700 tonnes of tin and 1.5 million carats of mine rough, gem quality sapphires per annum. Van Dieman is also developing 100%-owned tin and sapphire mines in Tasmania. The group is confident of proceeding rapidly with development and expects full production by the end of the year.See the full content of this document
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