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China secures Kalahari takeover

Feb 03 2012 11:35 Reuters

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London - China Guangdong Nuclear Power Corp (CGNPC) declared its offer for Kalahari Minerals unconditional on Friday, paving the way for it to launch a takeover bid for Extract Resources, owner of one of the world's largest uranium mines.

CGNPC, which is bidding with the China-Africa Development Fund, said on Friday it now held 89.5% of Kalahari shares, having said in the past that if it passed the 50% threshold, it would proceed with a subsequent offer for the miner's prize, Australian-listed Extract.

Extract, 42.7%-owned by Kalahari and operator of the giant Husab uranium project in Namibia, is the ultimate target for the Chinese company, which wants to boost access to uranium supplies.

The Chinese firm agreed to buy Kalahari Minerals, the top shareholder in Extract, for $990m in December.

Rio Tinto was a shareholder in Kalahari before accepting the Chinese bid. The miner also owns a 14.2% stake in Extract and owns the Rossing mine which neighbours Husab in Namibia.

Husab is potentially the second-largest uranium mine in the world, and Rio Tinto has been in talks with Extract to combine its neighbouring Rossing mine, the world's longest-running open pit uranium mine, with Husab.
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