Agnico Eagle slashes stake in Belo Sun

Agnico Eagle Mines (TSX: AEM; NYSE: AEM) has sold 44.55 million common shares it owned in Belo Sun Mining (TSX: BSX), slashing its stake in the company from 19.14% to about 9.57%. The gold major announced on April 20 that it had completed the sale, disposing of the shares at C33.5¢ apiece (the 30-day volume weighted average price of Belo Sun’s common shares on the TSX at the time of the trade), for proceeds of $14.93 million. It also said that it plans to sell the remainder of the shares (44.55 million) either to Belo Sun in an option over the next sixty days, or dispose of them “in an orderly fashion as market conditions permit.” Agnico’s announcement was followed by a press release from  Belo Sun on April 23 stating that four directors of the company are purchasing about a third of the shares Agnico Eagle held in the company, or 29.85 million shares, with the help of a $10 million loan from the company. Continue reading at The Northern Miner.