JPMorgan buys stake in Lafayette
Filed under: Mine - RapuRapu, Mineral - Copper, Mineral - Gold, Mineral - Silver, Mineral - Tin, Mineral - Zinc, Operator - Lafayette, Operator - RRMI, Operator - RRPI, Operator - RapuRapu Mining, Region 05 - Masbate
Leading investment bank JPMorgan Chase and Co has bought a 5% stake in Melbourne-based Lafayette Mining Ltd, whose polymetallic Rapu Rapu mine in the Philippines, was recently damaged by two typhoons.
A total of 45 million shares were bought by JPMorgan Asset Management in the UK and JF Asset Management in Singapore, Lafayette said in a statement to the Australian Stock Exchange. The company`s shares, which have fallen 33% this year, rose again by 9.8% to trade at A$0.09/share today.
The mine, approximately 350kms south of Manila, has suffered several major setbacks in the last two months after being struck by both Typhoon Xangsane and Typhoon Durian.
In a separate statement issued today, Lafeyette said that it is assessing damage to the site from Typhoon Durian and added that “discussions are proceeding with project stakeholders to provide the funding required to launch the remediation effort without delay”.
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