Molyneux scraps plan to buy Blumont shares

MINING investor Alexander Molyneux dropped plans to buy a stake in Blumont Group yesterday, six months after he stepped into the spotlight to defend the resource firm's prospects amid a massive beating suffered by its shares.

No reason was provided in the announcement to the Singapore Exchange, but Blumont said the 39-year-old Hong Kong-based investor remains as a consultant and key adviser.

It said he had planned to buy 135 million shares, which would have given him a 5.2 per cent stake in the firm. Of the 135 m…