Soros Fund Management LLC along with George Soros and Robert Soros have closed out their investment in Legend International Holdings, Inc. (PINK:LGDI). Soros acquired a stake of 5.19% in Legend International Holdings, Inc. (PINK:LGDI), in October 2008. This was quickly doubled to 10.18% (23031180 shares).

george soros

According to the  company website, Legend International Holdings, Inc. (PINK:LGDI), is a listed public company with investments in the phosphate fertiliser, diamond and gold industries. Legend’s current phosphate interests are through its 100% owned subsidiary Paradise Phosphate Limited which is a phosphate development company with projects in North West Queensland, Australia; its diamond interests are through a 44.67% interest in North Australian Diamonds Limited (ASX:NAD), an ASX listed company; and its gold interests are through a 31.5% interest in Northern Capital Resources Corp.

Legend is led by Joseph Gutnick, an Australian mining industry entrepreneur, responsible for some of Australia’s largest and most prestigious resource discoveries. Legend’s primary focus is the development of its phosphate interests in the Georgina Basin, Queensland, Australia including Paradise (formerly Lady Annie and Lady Jane), D-Tree, Thorntonia, Lily Creek, Quita Creek, Sherrin Creek and Highland Plains.

In 2009, Legend  planned to produce an average of 5 million tonnes per year of phosphate rock concentrate of 30%+ P2O5 by 2012, to become one of the world’s leading producers of phosphate rock.

During February 2011, the Company released the maiden mineral reserve estimates for its 100% owned Paradise phosphate project and thereafter entered into the development stage for the project

The company now aims to mine and ship direct shipping ore to customers in the Asian and Australasian region by Q2 2014. In June 2012, the company sent a bulk sample of phosphate direct shipping ore (DSO) from Paradise North to Ballance Agri-Nutrients Ltd of New Zealand.

In the same month, the company received a subscription from Regals Fund LP for a private placement of approximately 22.6 million new shares of its Common Stock for an aggregate purchase price of approximately US$2.26 million.

It appears from the above that the company is on the threshold of realizing its project objectives within a couple of years. Why then did Soros choose to disinvest?

The reasons are not ascertainable as of now, but we’ll keep you updated.

H/T Street of Walls