Persistence pays off for Rio Tinto

Following the expiry of Rio Tinto's offer to buy up shares in Hathor on Friday, mining giant Rio has announced that it has now taken up 93.76% of the outstanding common shares of the Canadian uranium firm.

Rio now intends to acquire all outstanding Hathor common shares not already purchased through a compulsory acquisition under the Canada Business Corporations Act.

In a statement Rio said that all Hathor common shares "validly deposited and not withdrawn before the expiry of the offer have been taken up and payment will be made for such shares within three business days of take-up."

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The miner also intends to apply to delist the Hathor common shares from the Toronto Stock Exchange as soon as possible after the completion of the compulsory acquisition.

NR