Kalahari Minerals close to agreeing Chinese bid, says FT

published 9 December 2011

Kalahari Minerals, the London listed uranium miner, is likely to be swallowed up by China Guangdong Nuclear Power reports the FT.

An original offer was made for Kalahari back in March at 290p per share, just before the Fukushima nuclear disaster. The Chinese reduced that offer to 243.55p per share in October.

What CGNP is after is the Australian company Extract Resources, in which Kalahari owns a 43% stake. Extract owns one of the biggest uranium deposits in the world in Namibia. For China, with dozens of nuclear power stations on the drawing board, the chance to control uranium resources is highly prized.