Pallinghurst has raised its offer for Consolidated Minerals 40 per cent and says it will match rival bidder Palmary.

Western Australia-based manganese and nickel play ConsMins says it is considering the improved A$4.50 (200p)-a-share bid from Pallinghurst, a consortium headed by Brian Gilbertson, former head of mining giant BHP Billiton. Pallinghurst. whose boss’s plan it was to retain ConsMins' top team, now matches the offer from Ukrainian billionaire Gennadiy Bogolyubov's Palmary Enterprises and says it has a 'top-up' mechanism in place to match any higher all-cash offer from Palmary.

AIM-quoted ConsMins has already urged rejection of a third bid, a shares-and-cash offer from Aussie-quoted Territory Resources, headed by combative Michael Kiernan, ConsMins' former boss. Kiernan has hinted he could come to terms with the Ukrainians if they win the day.

Highlighted by Growth Company Investor a year ago at 66.5p, ConsMins' shares now stand at 207.5p, valuing the company at £477 million. There does not seem much left to go for in the short term, but it could be worth holding on in case one of the contenders or someone else ups the stakes yet again.

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Other company articles:
Palmary ups ConsMins bid			14/11/2007
ConsMins backs Palmary bid			18/10/2007
Suitor ups ConsMins bid			12/10/2007
Exploration Insights			05/10/2007
ConsMins welcomes better offer			06/09/2007