Kalahari reveals £632m takeover deal
- Publishing Date
- 08 Dec 2011 4:36pm GMT
- Author
- Mining Journal
A purchase offer from China’s state nuclear power company and its African investment fund has been recommended by the board of Namibia-based Kalahari Minerals plc, a deal which has been under discussion for several months.
An offer was made by Taurus Mineral Ltd on behalf of the China Guangdong Nuclear Power Corporation Uranium Resources Company Ltd (CGNPC-URC) and the China-Africa Development Fund (CAD).
The deal values the company at approximately £632 million (US$990.8 million), based on an all-cash offer of £2.4355/share.
Kalahari’s key asset is its holding of 42.5% of Extract Resources Ltd, which itself is developing the Husab uranium project in Namibia.
The board’s recommendation was welcomed by CGNPC-URC's managing director Zhiping Yu, who said “This highlights both the attractive value of the offer, and CGNPC-URC's status as an excellent partner for the future development of the Husab uranium project".
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