First Quantum non-exec halves holding

22nd Nov 2010 16:46

Non-executive director Andrew Adams has sold nearly half of his stake in First Quantum Minerals. The disposal was a week after First Quantum reported its third quarter figures. Adams sold the shares in four tranches. He sold 14,286 shares in total, leaving him with 15,000 shares. The shares were sold at prices ranging from 5,567.72p and 5,576.52p. The total amount raised was nearly £796,000. First Quantum, which is also listed on the TSX, focuses on copper and gold although it is also developing a nickel mine in Australia. Kanshahi in Zambia produces the majority of the company's copper. Sales grew from $1.22bn to $1.69bn in the nine months to September 2010.Revenues grew because of the higher copper price because production was lower due to the fact that two of First Quantum's mines have been expropriated by the Congo government. Write-offs relating to this expropriation led to a large reported loss. First Quantum is trying to obtain compensation.Top Director BuysBabcock International Group (BAB) Director name: Mr William (Bill) TameAmount purchased: 10,000 @ 524.00p Value: £52,400Babcock International Group (BAB) Director name: Mr Mike TurnerAmount purchased: 10,000 @ 524.00p Value: £52,400Value and Income Trust (VIN) Director name: Mr Matthew A OakeshottAmount purchased: 25,000 @ 173.00p Value: £43,250Value and Income Trust (VIN) Director name: Mr Matthew A OakeshottAmount purchased: 25,000 @ 173.00p Value: £43,250Paragon Diamonds (PRG) Director name: Mr Simon RetterAmount purchased: 97,917 @ 25.50p Value: £24,969St. Modwen Properties (SMP) Director name: Mr Bill ShannonAmount purchased: 10,000 @ 144.36p Value: £14,436Top Director SellsFirst Quantum Minerals Ltd. (FQM) Director name: Mr Andrew AdamsAmount sold: 5,786 @ 5,567.72p Value: £322,148First Quantum Minerals Ltd. (FQM) Director name: Mr Andrew AdamsAmount sold: 4,100 @ 5,574.14p Value: £228,540First Quantum Minerals Ltd. (FQM) Director name: Mr Andrew AdamsAmount sold: 3,100 @ 5,569.37p Value: £172,650First Quantum Minerals Ltd. (FQM) Director name: Mr Andrew AdamsAmount sold: 1,300 @ 5,576.52p Value: £72,495