QMEB ยป Resources boss will spend $54M proceeds on Ferraris says report
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Resources boss will spend $54M proceeds on Ferraris says report

Matt Latimore
Matt Latimore

A mining executive is widely expected to splash more cash on luxury automobiles after selling two minority stakes.

Matt Latimore recently sold shares in two coal producers worth a combined $54.3 million.

The founding managing director from M Resources pocketed $40.5M after his family business sold part of its stake in Stanmore Resources for $2.25 a share. He also raked in $13.8M from selling a partial interest in Bowen Coking Coal (BCC) for 27.5 cents per unit.

The family business still owns 43.4M shares in Stanmore ($105M) and 190M units in BCC ($52.2M). The transaction came after Stanmore experienced a 261 per cent increase in share price, and BCC shares tripled their value, during the last 12 months according to News Limited.

“Latimore’s cash stash from the sales is enough to drive away 65 top of the range Ferrari SF90s that retail for about $840,009,” the media outlet reported.

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