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China Guangdong Nuclear bids A$2.2 bln for Extract Resources

Feb. 15, 2012 (China Knowledge) - China Guangdong Nuclear Power Group (CGNPG), one of China's two major nuclear power plant operators, yesterday made an A$2.2 billion or US$2.35 billion bid for Extract Resources, an Australian uranium developer, after having acquired the target firm's parent London-listed Kalahari Minerals.

In a statement, CGNPG said it will make a cash offer at A$8.65 for each share of Extract Resources, via Taurus Mineral Ltd, a joint venture between the Chinese state-owned firm and China-Africa Development Fund.

CGNPG indirectly holds a 42.7% stake in Extract Resources through its bid for Kalahari Minerals on Dec. 8, 2011, said the group.

Located near Swakopmund, Namibia, Extract Resources' Husab uranium project will be the world's fourth largest uranium-only deposit in the world with measured reserves of 84 million pounds and indicated reserves of 274 million pounds, said the Australian company.

Extract Resources intends to spend US$1.7 billion to develop the uranium project with exploration rights of more than 20 years, sources reported.

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