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Extract Resources

Kalahari Minerals re-starts talks with China Guangdong Nuclear

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Kalahari Minerals (LON:KAH) revealed this morning it had recommenced negotiations with would-be buyer China Guangdong Nuclear.

Bid talks were called off in May when the Chinese nuclear giant was barred by the Takeover Panel from reducing its offer for the group in the wake of the Fukishima tragedy.

CGNPC-URC originally tabled a 290 pence a share, or £756 million offer for Kalahari, which owns a 42.7 per cent interest in Extract Resources (ASX:EXT, TSX:EXT).

Extract is developing the world class Husub uranium project in Namibia.

Kalahari gave no hint as the exact terms of any deal that might materialise – in fact it said there is no guarantee that an agreement will be reached.

China Guangdong no longer has to pitch its offer on the same or better terms to those already tabled, while the Takeover Panel has agreed the normal 28-day deal deadline will not be imposed.

In August the faint stirrings of interest in the uranium sector were detected– the first since the Japanese earthquake and tsunami, which set the scene for the worst atomic disaster since Chernobyl.

Cameco Corp (TSE:CCO, NYSE:CCJ) has gone hostile with its US$530 million bid for Hathor Exploration (CVE:HAT), which owns the Roughrider uranium deposit in Canada’s Athabasca Basin.

Analysts reckon it may mark the start of a further round of consolidation.

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