23.1% stake in BC Iron sold

Consolidated Minerals has sold its 23.1% stake in BC Iron (BCI) to a range of institutional investors.

In a statement to the Australian Securities Exchange, BC Iron said it understood the shares were sold at $3.90 each in a book build completed last night, with settlement to be effected on September 11.

BC Iron said the sale of its shares increases its free-float and is expected to further improve liquidity.

The group said it was pleased to see a long-term shareholder realise substantial value from its success.