Palmary sniffs 50% stake in ConsMin

Ukrainian-based mining investment company Palmary Enterprises Ltd has edged closer to gaining control of Consolidated Minerals Ltd, lifting its stake in the manganese miner from 37.7 per cent to 49.75 per cent today.

The ConsMin board last week reiterated its recommendation that shareholders accept Palmary's sweetened $1.15 billion takeover bid. .

Palmary's final offer of $5 per share is set to close on December 20, but Palmary has reserved the right to extend the offer period.

Shares in ConsMin closed one cent lower to $5.