Australia’s Territory Resources, which has just started iron ore production at its Frances Creek mine, said it has presented “an alternative proposal” to the board of Consolidated Minerals (ConsMin), which is in the sights of Pallinghurst—an investment vehicle led by Brian Gilbertson.
Territory said it has requested a due diligence review on ConsMin to “evaluate whether or not to make an alternative offer” for the steel raw materials company.
Territory said its proposal is supported by its existing trade partners Noble Group and DCM DECOmetal International Trading and by its financial partner Lehman Brothers.
Chairman Michael Kiernan said the combined group “would represent a well-capitalised carbon steel commodity supplier with a strong growth profile and management team.”
The two trade companies already hold a combined stake of around 12% in ConsMin.
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