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Brinkley Mining

  • BY: Andrew Hore |
  • POSTED: 27/01/2010 |

Brinkley Mining shares returned from suspension after the mining investment company increased its stake in ASX-listed Dragon Mining Ltd.

The shares were suspended at 1.25p each on 20 December 2009 because Brinkley was deemed to be a shell that had not made a significant acquisition/investment within the appropriate time. The shares returned from suspension down 0.125p to 1.125p a share, which values Brinkley at 4.03m.

At the beginning of December 2009, Brinkley spent A$5.4m (3m) on a 8.13% stake in Dragon Mining, which operates gold mines in Sweden and Finland. (www.dragon-mining.com.au) Dragon Mining is loss-making because of foreign exchange losses.

The purchase of a further 4.5% of Dragon Mining for A$3m (2m) means that Brinkley has implemented its investing strategy and the suspension was lifted.

There is still 1m in the bank.

ASX-listed Eurogold Ltd has a 29.04% stake in Brinkley. Eurogold chairman Peter Gunzburg joined the Brinkley board on 22 September 2009 and fellow Eurogold director Neil MacLachlan followed him onto the board one month later. Gunzburg subsequently became executive chairman. Clayton Dodd, who is associated with 10.9% shareholder Atomaer, is the only other director.

Eurogold owns 0.9% of Dragon Mining and Gunzburg owns a further 0.1%.

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