Widespread shareholders enjoy 18.6 per cent growth

Chris Castle

Mining sector venture capitalist Widespread Portfolios today said it had celebrated its 18th birthday with a growth rate for shareholders of 18.6 per cent.

Managing director Chris Castle said a $1000 investment with the company in 1989 was now worth $10,000, "excluding any new share issues".

"We started as a corporatised share club - 40 mates who collectively invested $202,000 of money we were prepared to lose.

"The company is now worth more than $10 million."

Last month, Widespread invested a further $300,000 in Inner Mongolia explorer King Solomon Mines (KSM).

The investment was part of a private placement financing by privately-owned and New Zealand-registered KSM which raised a total of $1 million.

Mr Castle said another of the company's two major investments, Asian Minerals (a Vietnam nickel miner) is expected to secure its mining license by December 31.

"The high price of nickel could mean it would make some of its lower grade ore deposits economic to mine, in addition to the higher grades on which the license application was based," he said.

KSM is planning to list its shares in Australia by the end of this year.

Its exploration projects included three sets of gold bearing tenements and a potential copper discovery.

Widespread shares were untraded at 2.2c this morning.

Over the last year, they have hit a high of 2.3c and a low of 1.4c.

- NZPA