Minorco Sells Stake In Johnson Matthey

Johnson Matthey Plc’s stock price declined 3 percent in trading on the London Stock Exchange Tuesday when mining company Minorco SA sold its 9.9 percent stake in the London-based conglomerate.

Johnson Matthey Plc is the parent corporation to Spokane-headquartered Johnson Matthey Electronics.

Minorco sold the shares to raise about $200 million for South American mining projects. Earlier this year, Luxembourg-based Minorco raised $320 million by selling its stakes in Santa Fe Energy Resources Inc., Normandy Mining Ltd. and PosGold Ltd. of Australia.

Minorco sold 21,290,861 shares of Johnson Matthey to SBC Warburg, which resold the stock to institutional investors.

Johnson Matthey is an international company involved in metal refining, chemical production and electronics. , DataTimes