third contender for csm, page-3

ConsMin battle
Updated: 07:21, Tuesday August 21, 2007

A Scandinavian group Tinfos is believed to be the third party that has entered the battle for Consolidated Minerals.

The manganese and nickel miner confirmed on Monday that it had received a confidential, non-binding, indicative and incomplete approach from an unnamed party and due diligence had been granted.

The Financial Review newspaper is reporting Tinfos, a ferroalloy producer in Norway, is believed to be behind that approach but at this stage it is unclear if the group is acting alone or if another European group or one of the existing players has links to it.

ConsMin has already received rival takeover bids from Territory Resources and UK-based Pallinghurst Resources.

Ukrainian miner Privat Group has taken a 13.5 per cent stake in ConsMin.