Portman ups stake in Golden West

Iron ore producer Portman Ltd has spent nearly $6 million boosting its interest in Golden West Resources Ltd.

Portman, which is 80 per cent controlled by US mining company Cleveland Cliffs, increased its interest from 14.9 per cent to 17.55 per cent.

Earlier this month, Portman denied speculation that it would be making a takeover bid for the Osborne Park-based Golden West, after confirming that it had made an application to the Foreign Investment Review Board to increase the holding to 19.9 per cent.