Blumont to invest A$1.95m in diamond miner

BLUMONT Group will be investing about A$1.95 million (S$2.2 million) in an Australia-listed diamond miner, its first foray into the precious stones sector.

Yesterday, the products sterilisation company turned mining holding company said it will subscribe for 26 million shares in Merlin Diamonds - or about 10.92 per cent of its enlarged share capital - at A$0.075 each. Merlin Diamonds shares were last traded at A$0.081 apiece yesterday.

"With the subscription, the company aims to establish a position in the diamond industry and more generally, to strengthen its position in the mineral and energy resources industry," Blumont said.