cons min has $170 mill in bank
http://www.theage.com.au/news/business/ cashedup-consmin-has-glimmer-of-hope /2005/06/30/1119724754467.html ---------------------------------------------------- **********ConsMin, which made a fully funded offer for Kumba's stake two weeks ago, yesterday raised $41 million at $4 a share in a placement to Australian institutions. This set tongues wagging that it may still emerge as a partner. ConsMin said the funds would enhance its ability to "move quickly to take advantage of future project opportunities".
But managing director Michael Kiernan denied the capital raising was related to Hope Downs, saying the placement was the result of an existing request from two institutions, AMP and Perpetual, for stock by the end of the financial year.
Mr Kiernan said the funds, which boost ConsMin's accessible cash reserves to around $170 million, would be put in its "development account".
"So we have a reasonable nest egg if we want to pounce somewhere," he said. Mr Kiernan indicated a shift into copper was the next item on ConsMin's agenda, to complement its existing manganese, nickel and chromite production.
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