Ukrainian billionaire Gennadiy Bogolyubov has again lifted his stake in Pilbara iron ore producer BC Iron.

A substantial shareholder notice today showed Mr Bogolyubov's Consolidated Minerals had spent $3 million lifting its stake in the miner from 22.12 per cent to 23.21 per cent.

The moves follows a substantial shareholder notice lodged with the ASX on May 10 revealing ConsMin had spent $3.8 million increasing its stake in BC from 21.11 per cent to 22.12 per cent.

Last week, BC Iron terminated a friendly takeover deal with Hong Kong's Regent Pacific after an independent expert's report valued the company at between $3.80 and $4.13, well above the $3.30 offered by the suitor.