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Niagara Mining shares more than doubled after Australian iron ore billionaire Andrew Forrest took a stake in the nickel exploration company.
Forrest, chief executive of Fortescue Metals, and his partners will buy 5.5 million shares at A40c each.
They will own 4.5 per cent of the company, and have options to take up to a 35 per cent stake.
The shares rose A33c to A57.5c on the Australian Stock Exchange.
- Agencies
