MALAYSIA Mining Corp Bhd (MMC), caught in the middle of the fight for Australia’s Ashton Mining, expects world diamond king De Beers to raise its bid for the Australian diamond miner by next week. De Beers’ bid could go as high as A$2.50 per share. De Beers’ is locked in a battle with mining giant Rio Tinto Plc/Ltd to win over Ashton shareholders after the South African company’s offer of A$1.62 per share, valuing the mine at around A$522m, was formally rejected by Ashton’s board last week. Securing Ashton would give De Beers a huge boost to its global operations, reducing the firm’s reliance on its premium mines in Botswana, South Africa and Namibia. De Beers, which accounts for some 60% of the world’s trade in rough gems, is looking for mines to add to its portfolio after securing Canadian miner Winspear last month for $203m. MMC, which had a 49.9% stake in Ashton Mining, has sold 19.9% to Rio and another 19.9% to De Beers, and will sell its remaining 10.1% in Ashton to the higher bidder. – Reuters