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CGNPC approved to control uranium asset in Namibia

Jan. 16, 2012 (China Knowledge) - Taurus Mineral, a subsidiary of state-owned China Guangdong Nuclear Power Holding Co (CGNPC) has received approval from the Namibian Competition Commission to take controlling stakes of Australia-based Extract Resources, which owns the world's fourth-largest uranium deposit in Namibia.

The target firm holds the exploration rights for the Husab deposit, located in Midwest Namibia, with uranium reserves of 280 million tons. The uranium project would cost US$1.5 billion for development.

However, the acquisition is still subject to approval to Extract Resources' two largest shareholders, comprising Rio Tinto Group and Japan-based ITOCHU Corp with a combined stake of 33% in Extract Resources.

The acquisition is a condition for CGNPC and the China-Africa Development Fund's US$979-million bid for Extract Resources' largest shareholder, London-based Kalahari Minerals, which has a 42.7% stake in Extract Resources.

The proposed takeover bid of Kalahari Minerals would value Extract Resource US$8.90 apiece or around US$2.2 billion in total, sources reported.

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