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12/7/11

Van Eck now owns 10.02% of Minefinders (MFN) (MFL.to), but they're not all in the GDXJ

An interesting 13G filed by Minefinders (MFN) (MFL.to) a few minutes ago. Apparently those nice people over at ETF makers Van Eck now own 10.02% of the company, or precisely 8,159,029 shares. However, the ETF vehicle in which it places the MFN shares, the Market Vectors Junior Gold Miners ETF (GDXJ), holds just 4,564,762 of the shares according to the same 13G. Van Eck has cunning plans for the other 3.6m shares of MFN but wasn't worried about breaking through the 10% barrier and getting the total holding declared, it seems.

Looks kinda bullish for MFN to me....but hey, WTFDIK?

UPDATE: WTFDIK indeed, as reader 'BF' mails in and points to my obvious brainfart; the other 3.6m shares are held in GDX. The prosaic is the best explanation once again, but 10% is 10% after all. Anyway, thanks due to BF for the datapoint and for not calling me a dumbass outright, even though I deserved it.