Fairstar Resources' hostile takeover offer for Golden West Resources came unstuck last week after iron ore miner Portman snapped up 10 per cent of the company after buying shares owned by Fairstar but subject to equity finance contracts with defunct stockbroker Opes Prime. Portman, 80-per cent-owned by US-based Cleveland Cliffs and operator of the Koolyanobbing iron ore mine in Western Australia, has since topped up its stake in Golden West to 12.6 per cent. Fairstar, which had accumulated 36.6 million shares or 33.22 per cent of Golden West, is pursuing the return of the 10 million shares pledged to ANZ Nominees on behalf of Opes Prime but acknowledged the outcome might not be known for some time. Meanwhile, Golden West, whose key asset is the Wiluna West iron ore project in WA, said Portman's investment signalled a vote of confidence in the company and it planned to meet with representatives in the near future. Golden West shares surged to $1.53 from 96.5 on Friday amid expectations Portman would boost its stake in the company.