Blumont

Blumont: In an article from Mergermarket, Chairman-designate Alexander Molyneux said that Blumont is looking to raise project finance for its Cokal and Celsius Coal projects. Both projects have to be brought into production in two years and need funds for development. The Indonesia-based Cokal project would need US$80m in project finance, while Australia-based Celsius Coal project would need ~US$30m. The firm would consider both strategic and financial investors. Molyneux added that Blumont is also seriously considering a zinc and lead metal acquisition, as well as an oil acquisition, but declined to reveal more. Last wk, Blumont made a takeover bid for ASX-listed Genesis Resources, a precious metals miner, using its shares. Separately, The Straits Times notes that chairman-designate Alexander Molyneux is no closer to acquiring 135m shares of the resources company as intended. The acquisition was supposed to have been completed by Dec 6 last year. A statement released by Blumont last Wednesday said he is "in continuing discussions to resolve certain technical issues, and completion of the acquisition has been deferred". Details also emerged recently of a string of other forced sales of Blumont shares by key players. Holdings of Blumont executive chairman Neo Kim Hock were further reduced by 4.37m shares, sold at various prices from Jan 30 to Feb 6. His stake now stands at 3.6%, or 93.7m shares. ~4.7m shares held by executive director James Hong were also force-sold between Jan 30 and last Friday. His stake has fallen to 0.63%, or 16.2m shares.