Iluka denies talks with consortiumJune 21, 2005 - 12:49PMMineral...

Iluka denies talks with consortium
June 21, 2005 - 12:49PM

Mineral sands miner Iluka Resources Ltd says it has not been approached by the high profile consortium that has taken a 7.25 per cent stake in the company.

Iluka company secretary Cameron Wilson said there had been no contact between the company and the Kolsen consortium.

"Iluka Resources Ltd wishes to confirm that it has not been approached by, nor has it held any discussions with either the Kolsen consortium, Buka Minerals or any of the individuals associated with Kolsen or Buka with regard to their investment in Iluka," he said.

The consortium is led by the Robert Champion de Crespigny-chaired Buka Resources Ltd and includes business heavyweights like Kerry Packer's Consolidated Press, Melbourne businessman Ron Walker and advertising boss John Singleton.

Late on Friday it announced it had taken a 7.25 per cent stake in Iluka.

The involvement of Mr de Crespigny, who founded Normandy Mining, has fuelled speculation that the consortium is planning a takeover.

On Monday both Iluka and Buka posted strong increases on the sharemarket.

On Tuesday Buka's shares were up one cent to 29 cents but Iluka's fell back 20 cents to $7.79.