Platinum Asset Management is vigorously opposing the proposed Xstrata bid which will be put to an MIM shareholders meeting on June 6.

An Xstrata spokesman, Marc Gonsalves, said in London overnight that “we are not worried about it”. The view from Xstrata is that Platinum is simply seeking a higher price than the $1.72 on offer.

“If that’s the case, it won’t work. This is our offer and it’s not subject to revision,” the Xstrata spokesman said.