Unconditional offer in for Extract
14 February 2012
A China Guangdong Nuclear Power Company (CGNPC) subsidiary has taken a further step towards purchasing the Husab uranium project in Namibia.
Husab owner Extract Resources has announced that it has received a "bidder's statement" from CGNPC subsidiary Taurus Mineral Ltd outlining the terms of an unconditional cash offer for all of the shares in Extract for a price of A$8.65 ($9.24) each. That Taurus must make such an offer for Extract was a condition attached by the Australian Securities and Investments Commission to its acquisition of London-based Kalahari Minerals, a major shareholder in Extract, announced in December 2011. That offer currently gives Taurus a 42.74% interest in Extract, Taurus noted in a media release. Extract is based in Australia and is listed on the Australian, Toronto and Namibian stock exchanges.
Husab is the highest grade granite-hosted uranium deposit in Namibia, and is an extension of the Rossing stratigraphy. It has estimated ore in proven and probable reserves of 280 million tonnes containing 319.9 million pounds U3O8 (123,000 tU). Extract subsidiary Swakop Uranium plans to start production from the deposit in 2014, having received mine licence approval from Namibia's Ministry of Mines and Energy in November 2011.
Researched and written
by World Nuclear News