Miner Bellzone rose on Wednesday after it began a multi-million dollar share buy-back scheme.
The firm has the mandate to buy up to $3m of its stock from shareholders, equivalent to 1.6% of its issued share capital.
It will do this through market purchases of the company's own ordinary shares, with the cost based on the prevailing market price quoted on AIM.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Nik Zuks, Bellzone's Chief Executive, said the buy-back represented an opportunity to return value to shareholders while the company's shares were at very depressed levels.
"We remain well funded with $105m of cash on hand as at 31 May 2012, with [the] Forecariah [mine in Guinea] fully financed to production," he said.
-
Side hustle tax changes: HMRC reforms could save thousands from filing self-assessment tax returnsThe government plans to raise the tax-free threshold for trading income – here is how it could help your side hustle
-
Return to the office: is working from home coming to an end?More and more employers want their staff to return to the office. Is it a good idea?
