Mercury Asset Management's mining investment arm has become the third biggest shareholder in Ivernia West following the sale last week of Outokumpu's 24.5 per stake in the Irish mining company.

Mercury disclosed this week its Mercury World Mining Trust now holds 3.37 million Ivernia shares or 6.7 per cent of the company. It now ranks as the third largest shareholder behind Minorco, which has 24.5 per cent of Ivernia, and AIB Investment Managers. Mercury did not previously have a disclosable stake in Ivernia. Outokumpu sold its entire 12.4 million shares for 75p each. Page 2