• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

China secures Kalahari takeover

Feb 03 2012 11:35

Related Articles

Majali case withdrawn

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.



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote