China Guangdong Nuclear Power Group closer to offer for uranium company
Chinese state owned nuclear company China Guangdong Nuclear Power Group (CGNPC) has moved closer to pitching a takeover offer for Australian listed Extract Resources (ASX:EXT), because of its rights to the Husab uranium deposits in Namibia, reputedly the fourth-largest in the world.
Although analysts contacted believe that Extract may have other offers to sift through given the strategic proximity to other uranium deposits in Namibia.
Taurus Minerals, which is owned by CGNPC,announced on the London Stock Exchange in recent days it had acceptances and pledges for 30.8 per cent of Extract’s major shareholder, Kalahari Minerals.
Kalahari Minerals has a 42.74 per cent holding in Extract Resources, Taurus said in its statement.
CGNPC has a relevant interest in Kalahari. This follows Taurus’s $US979 million ($938 million) takeover offer for Kalahari.
China is reported to be seeking new sources of uranium to help shore up the resource for the country.
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