I-Nuclear Update 2/3/12 China Guangdong Nuclear Power takes Kalahari, moves on to Extract Resources

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.

I-Nuclear | February 3, 2012 at 9:53 am | Tags: China | Categories: China, Uranium | URL: http://wp.me/p22dAl-7X