China Guangdong Nuclear Power takes Kalahari, moves on to Extract Resources
by I-Nuclear
China
Guangdong Nuclear Power Corp’s takeover of London-listed Kalahari
Minerals was declared unconditional February 2, making Cgnpc the largest
shareholder, via Kalahari, of Extract Resources and its Husab uranium
project in Namibia.
The
takeover of Kalahari by Cgnpc clears the way for the Chinese state
firm’s planned downstream offer to buy all shares in Extract Resources,
according to a February 3 statement from Extract.
As of February 2, Cgnpc had 89.5% of Kalahari Minerals shares and had extended the offer to buy remaining shares indefinitely.
Under
the rules set by the Australian Stock Exchange, where Extract is
listed, Cgnpc must dispatch its planned A$8.65/share offer to Extract
shareholders no later than March 1, Extract said in the statement.
Located
near Swakopmund on the west coast of Namibia, Extract Resources’ Husab
uranium project is said by Extract to be the fourth largest uranium-only
deposit in the world, with measured resources of 84 million pounds
uranium and indicated resources of 274 million lb in just two of the
project’s five zones.
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