Extract Resources

Kalahari Minerals associate Extract in talks with Rio Tinto over combining Namibia uranium assets


Kalahari Minerals (LON:KAH) said its 41.08 percent owned associate Extract Resources (ASX:EXT, TSX:EXT) has advised it is currently in talks with Rio Tinto (LON:RIO, ASX:RIO, NYSE:RIO) about potentially combining Extract’s Husab uranium project and Rio Tinto's Rössing uranium mine in Namibia.

Husab hosts the Rössing South deposit, which is being explored by 17 rigs. It is currently the fifth largest uranium deposit in the world.

Extract and Rio Tinto are evaluating the significant potential synergies that could be generated from a joint development of the two projects.

Extract is also holding discussions with Kalahari Minerals to explore various options that might simplify the Extract/Kalahari shareholding structure.

Kalahari cited Extract as saying that all discussions remain confidential and incomplete and there is no certainty that the parties will reach any agreement. Extract will continue to keep shareholders informed of any material developments.

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