AIB Investment Managers has emerged as one of the major buyers of the shares in Ivernia West sold last week by Finnish mining group Outokumpu.

AIBIM disclosed yesterday that it currently holds 7.2 million Ivernia shares or 14.24 per cent of the total equity. Previously, AIBIM held 5.7 million shares, or 11.3 per cent of the total.

This indicates that AIBIM bought 1.5 million of the total of 12.4 million Ivernia shares sold by Outokumpu and is now the second biggest shareholder after Minorco, which has 24.5 per cent.

Ivernia directors Mr Brian Cusack and Mr Christian Schaffalitzky both bought 525,000 shares at option prices of 35p, 48p and 62p and then sold the shares into the market at 75p, making sizeable gains.

Outokumpu sold its entire holdings in Ivernia and Arcon for £12.4 million.