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ConsMin makes move to copper

MANGANESE producer Consolidated Minerals has further diversified its business by moving into the copper sector, acquiring a 19.9 per cent shareholding in Jabiru Metals. Consolidated bought 24.3 million shares from Jabiru’s major shareholder, Tanami Gold, adding to an existing 5.94 per cent stake. ConsMin would need to launch a full takeover if it wanted to increase its stake beyond 19.9 per cent.Based on past experience, such as its acquisition earlier this year of nickel explorer Reliance Mining, that option is considered a realistic possibility. ConsMin managing director Michael Kiernan said the investment was underpinned by a robust development project combined with significant exploration upside.“This represents the final step in Consolidated’s strategy to broaden our commodity and revenue base and, as with previous moves into chromite, iron ore and nickel, we have sought low-cost, low-risk entry points while focusing on developing these businesses primarily out of operating cash flow,” he said. Development of Jabiru’s $55 million Jaguar project in Western Australia’s north-eastern Goldfields is scheduled to commence this month. Mr Kiernan said nickel and copper would ultimately account for 50 to 60 per cent of Consolidated’s revenue.

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