Mining boss sells to fund property purchases

Simon Farrell, a non-executive director at the mining companies Bellzone Mining and Kenmare Resources, has sold millions of pounds in shares to fund a property spending spree in the UK and Australia.

He sold about 2.23m shares in Bellzone, which has iron ore assets in Guinea, at an average of 66.31p a share, which leaves him with about 2.77m shares, about 0.38% of the company.

He also sold a large number of shares in Kenmare Resources, which mines for titanium and other minerals in Mozambique.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues 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

Sign up

"Mr Farrell disposed of this interest in Bellzone, along with significant other financial interests in other entities of which he has a management interest, in order to fund the purchase of properties in Australia and in the UK," said Bellzone in a statement today.