MELBOURNE, Nov 4 AAP
November 04 2010, 3:14PM
Namibia-focused explorer Extract Resources Ltd says its bullish about prospects for uranium, saying prices are firming.
"We remain confident in the medium, and long-term prospects for the uranium market," said Extract chief executive Jonathan Leslie said on Thursday.
Extract is 15 per cent owned by mining giant Rio Tinto Ltd.
"Market experts forecast a growing deficit in supply, underpinned by the projected growth in China's nuclear power program," Mr Leslie told the company's annual general meeting.
"The spot price has shown recent strength on the back of increased buying resulting from lower than expected production from some existing producers, with the long-term uranium price also showing signs of firming," he told the Perth meeting, according to notes obtained by AAP.
Mr Leslie said the company was changing the name of its Rossing South uranium deposit in Namibia to the the Husab uranium project
He said calling the deposit Rossing South could cause confusion with Rio Tinto's Rossing open cut mine, which is just six kilometres away.
"We believe our deposit and our project deserve their own name," he said.
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BeantwoordenVerwijderenExtract delays release of Namibia uranium study
Sarah-Jane Tasker From: The Australian November 05, 2010 12:00AM
EXTRACT Resources has pushed back the release of a major study for its massive Namibia uranium project.
At its annual meeting yesterday, the company said the definitive feasibility study on its Husub uranium project, next to Rio Tinto's massive Rossing mine, had been pushed back from the fourth quarter this year to the first quarter next year.
Chief executive Jonathan Leslie said the company had done extensive work on the site and the extension was needed for an "optimised" project.
The study had been on an "aggressive schedule", and "when you have a project as large as this, it is important you get it right and don't rush", he said.
"If you consider that the first discovery was in 2008, it has been a rapid progress since then," and the delayed timetable still reflected "very impressive timing".
Mr Leslie said the company had moved away from being an explorer and and was concentrating on bringing the project online.
"As we get further on in the project, the interest gets stronger because people can see we are getting to the business end," he said. "Our base case is for it to be standalone, and we have the capability to do that, but we will look at other options all the time."
Itochu Corporation of Japan's 10.3 per cent investment in the company had led to "interest from other Japanese institutions", Mr Leslie said.
Some interested parties had visited the site and Japan's State Secretary for Foreign Affairs, Osamu Fujimora, had visited Namibia and met its Prime Minister, he said.
Speculation earlier this year that Extract lacked the support of Namibia' government had put pressure on the emerging miner, but Mr Leslie denied that.
Russian state-owned nuclear company Rosatom had been rumoured to have approached the government about developing the massive uranium project, a move denied by Namibian Minister for Mines Joseph Iita. "Good relationships" were in place and the company continued to enjoy the government's support, Mr Leslie said yesterday.
----------------------------------------
Het aandeel Extract is recent vanaf een dieptepunt van ca 6 met ca 50% gestegen.
BeantwoordenVerwijderenDit enkel en alleen dankzij de fors stijgende Ur-prijs.
Rond de 6 AUD was EXT het schoolvoorbeeld van 'tegendraads' investeren.
Is EXT nu te duur?
Nee, EXT is nog steeds spotgoedkoop, de market cap per pond Ur is naar schatting ca 2 tot 4 USD.
Dit is belachelijk laag gezien de Ur-prijs van bijna 60 USD.
Iedereen die gelooft in Ur en vooral een stijgende Ur-prijs, die MOET dit aandeel kopen en wegleggen.
Precies,
BeantwoordenVerwijderenFijn je weer gevonden te hebben.
Gr. "inveztor Yochan"
Toevallig kwam ik dit bijna profetische (lol) berichtje tegen uit de oude Inveztor-doos, EXT noteerde toen nog ca 1 AUD.
BeantwoordenVerwijderen+++++++++++++++++++++++++++++++++++++++++++
Precies
lid sinds feb 2007
11542 bijdrages
donderdag 31 juli 2008 - 19:32
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Precies schreef: En dit is slechts een gedeelte van wat ze gevonden
hebben...!!
Wanneer zou de markt wakker worden??
--------------------------------------
Het kan/zal niet zo lang meer duren voordat Extract ontdekt gaat worden
door een of meer analisten/banken/grote beleggers etc.
ca 200 miljoen lb Ur vlak naast Rössing met veel hogere grades dan Rössing
MOET wel aandacht gaan trekken van grote partijen.
Kunnen ze McDowall niet ff opbellen?
Hij weet precies hoe reclame te maken voor een grote klont Ur in Nam.
++++++++++++++++++++++++++++++++++++++++++
nog eentje dan, omdat het onderstaande bericht zo'n mooi voorbeeld is van contrair beleggen:
BeantwoordenVerwijderen++++++++++++++++++++++++++++++++++++++++++
Precies
lid sinds feb 2007
11542 bijdrages
woensdag 3 september 2008 - 15:09
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yellow cake schreef: Wacht het boorprogramma maar af (van Xemplar, red.), misschien dat er meer ligt dan je denkt!
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HOOP is niet de juiste reden om een aandeel in bezit te houden (of te kopen).
Door niet om te ruilen in een aandeel met echte kansen ben je een dief van eigen portemonnee.
Toevallig lees ik in de Kapitalist van 2 april 2007 dat Xemplar met 100
miljoen pond Ur a $95 per lb ca 1,5 miljard waard zou zijn, met als doelkoers ca $15,00.
Op diezelfde basis zou Extract dus bij ca 250 miljoen lb en een Ur prijs van ca $ 65,00 ca 2,5 miljard waard moeten zijn, oftewel ca 13 x de huidige koers van ca $1,00.
Maar geen 'hond' die interesse heeft........
Als dat geen koopsignaal is, weet ik het ook niet meer...!!
Als Extract in alle media en alle fora wordt genoemd en in de beruchte
zondagskranten staat, dan is het te laat.....
+++++++++++++++++++++++++++++++++++++++++
Hallo Johan/Yochan,
BeantwoordenVerwijderenik had jouw reactie nog niet gezien, dat komt omdat ik op geen enkele manier kan zien dat er een reactie van iemand is.
Dat is niet erg handig geregeld hier, idealiter zou zijn dat de laatst geplaatste berichten in een aparte kolom verschijnen.
De Ur-prijs blijft mooi stijgen, de 60 is al gepasseerd:
BeantwoordenVerwijderen-------------------------------------------
In the Market
Update for the public provided three days after publication.
November 19, 2010–The uranium spot price moved upward again this week, but still failed to break through the $60.00 price barrier. Spot uranium supplies are extremely thin with few sellers willing to extend offers at fixed prices, particularly for delivery beyond year-end. Buyers have shown a willingness to pay slightly higher prices over the past week, but the significant jump in prices over the last several weeks has caused a number of buyers to retreat from the market. One new buyer did emerge this week seeking 200 thousand pounds U3O8 for delivery in 2011, and another 200 thousand pounds U3O8 for 2012 delivery. The buyer received a very limited response to its request and is evaluating its options. Only two transactions are reported this week. TradeTech’s Uranium Spot Price Indicator is $59.90 per pound U3O8, up $0.65 from last week’s value. read more
------------------------------------------
Reactie van een iemand op een ander forum m.b.t. een overname bod op Mantra Resources door ARMZ.
BeantwoordenVerwijderenMantra Resources (MRU) is currently in a trading halt due to a cash offer from ARMZ. Some comparisons between MRU and EXT:
MRU Mantra Resources - flagship project Mjuku River in Tanzania. Resources are as follows (EXT in parentheses for comparison):
Measured 39.9 Mlb @ 442 ppm (EXT: nil)
Indicated 25.6 Mlb @ 433 ppm (EXT: 257.0 @ 480 ppm)
Inferred 35.9 Mlb @ 395 ppm (EXT: 110.3 @ 400 ppm)
Total 101.4 Mlb (EXT: 367.3)
Pre-feasibility study indicated annual production at 3.7 Mlb pa (EXT: 15 Mlb pa) for 12 years (EXT: 20 years) at an extraction cost of $25.05/lb (EXT: $23/lb), with an initial capital expenditure of US$298m (EXT: US$1,000m).
Current market capitalisation at close of 14 Dec 10 is A$987m (EXT: A2,218m including recent announcement of issue of ~7m shares to KAH), which makes the price per pound of uranium A$9.73 per lb U (EXT: A$6.04 per lb U). Amended: cash offer from ARMZ values MRU at A$1,160m, or A$11.44 per lb U. Their release indicates it is at A$10.26 per lb U (equivalent to a resource of 113.0 Mlb).
Both MRU and EXT are completing DFSs; EXT's is due in 1Q 2011 and MRU in 4Q 2010.
This should be very good news for EXT; the resources are similar in quality and extraction costs, and the timelines are close. EXT clearly has much greater resources and also greater potential to expand those resources. A takeover of MRU - if this is what it is - would provide a useful benchmark to price EXT.
Zie AUD 10,26 per pond maar als een bodemprijs.
BeantwoordenVerwijderenIk zie toch echt geen overname meer voor EXT, Rio heeft z'n kansen voorbij laten gaan.
Er is de laatste tijd veel M&A in uranium sector, misschien ligt de weg ook open voor Extract. Hier een reactie van iemand op een forum op de aankoop van uranium assets van Frontier Gold door Paladin Energy.
BeantwoordenVerwijderenFrontier has a subsidiary company called Aurora energy which has uranium assets in Labrador, Canada.
http://www.aurora-energy.ca/project/overview
The thing to note here is that the Nunatsiavut Government issued a 3 year moratorium on Uranium mining in April of 2008.
Because of the moratorium on uranium mining in the area, it's not as though they could mine it if they wanted to, but they are not even at the PFS yet. They are in the very early stages but do have a Preliminary Economic Assesment on their website:
http://www.aurora-energy.ca/news/fronteer-...uranium-project
The uranium assets include 84M lbs M&I @ 900PPM (EXT: 257 Mlb @ 480ppm) and 53M lbs inferred @ 800 PPM (EXT: 110 Mlb @ 400ppm) over a total of 6 deposit sites (EXT: 1 deposit site). They intend to use both underground and open pit mining (EXT: open pit). In an all-share deal that now sees Frontier the largest shareholder of Paladin @6.7%, Paladin has paid $1.90/lb for these assets.
Initial target of: 17 yr mine life (EXT: 20 years). Cash costs of $28.57 (EXT: $23 per lb). Annual production = 5.7M lbs (EXT: 15 Mlbs pa). $984M CAPEX (EXT: approx $1,000m).
Uranium mining approval/licensing in Canada can be quite tedious and can be very drawn out in the best of cases, especially when native people step in to object. (EXT: Namibia quite friendly towards uranium mining).
So Paladin has alot of leg work ahead of them on this one, not to mention it is still unclear if the government/native people will allow this to be mined:
http://www.aurora-energy.ca/acceptance-and-approval/overview
-------------------
Note especially the higher capex cost - almost the same as EXT for one-third of the annual production. Also the cash costs per lb are higher, despite the much higher grade in Canada; I'm guessing that is the higher cost (and risk) of underground mining.
This takeover at $1.90 per lb contrasts with the earlier takeover of MRU at $10.26 per lb. The range in value shows how important other factors than just resource size and grade are. EXT appears to have ticked most of the development boxes quite well, so I would expect EXT would be closer to MRU's value than to Frontier's.
Extract, Rio JV prospect silences takeover talk
BeantwoordenVerwijderenThe West Australian
West Business (Page 31)
Monday, December 13, 2010
As Extract Resources moves into the final stages of a definitive feasibility study over its Namibian Husab project, expectations of a corporate play for the uranium hopeful are easing.
For some investors and analysts it has been a long question of when, not if, Extract will be taken out by a bigger suitor. Topping the list of likely suspects is major shareholder Rio Tinto, which owns the Rossing a mere six kilometres from Husab.
But speculation is growing that a deal at the asset level may be more likely. In particular, the idea of an Extract-Rio joint venture is gaining traction.
One of the major obstacles of any takeover of Extract is its tightly held share registry, which includes London listed Kalahari Minerals (42.8 per cent) Rio (effectively 19.9 per cent because it also has a stake in Kalahari) and Japanese giant Itochu (16 per cent, which again includes a stake in Kalahari)
According to Deutsche Bank analysts Paul Young and Ben Wilson, a JV with Rio would be the most value-accretive option for Extract. They suggest Extract could strike a JV with Rio over zone one of Husab only, potentially leaving the door open for other deals to be done.
Extract is eyeing the sale of further assets for off take, with Asian uranium traders or nuclear operators the most likely counter parties, according to Young and Wilson.
Shareholders will have to wait for early in the new year for a final price tag on Husab because the study has been delayed until the first quarter of 2011.
Last years scoping study suggested Husab could cost about $US704 million ($714 million) to develop but analysts suggest it will top $US1 billion.
Bij een Ur-prijs van ca 40 USD zou de brutowinst ca 20 USD per pond kunnen zijn, nu de prijs gestegen is tot 60 USD, verdubbelt dus de winst.
BeantwoordenVerwijderenEn naar verluidt leveren de lange-termijn contracten die Cameco nu afsluit ca 80 USD per pond op.
Inderdaad. Of het nou overgenomen wordt een JV of zelf financiering d.m.v. aandelen en lening. Extract zal waarde gaan creëren en dat zal uiteindelijk in de koers te zien zijn. Als je vertrouwen hebt in een stijgende uraniumprijs de komende jaren dan is Extract een hele goede koopkandidaat. Extract zal een van de happy few zijn die snel en op een lage kostenbasis zullen opereren.
BeantwoordenVerwijderenIk heb Extract sinds 5 CAD en zowel de CAD als EXT zelf is in waarde gestegen. Nu we richting de 10 gaan, begint het e.e.a. toch wel te prikkelen. Aan de andere kant zegt iets me dat het nog wel meer waard gaat worden..
BeantwoordenVerwijderenHendrik,
BeantwoordenVerwijderen2011 wordt een heel mooi aandelen- en uraniumjaar. Alleen grote rampen kunnen dat nog verhinderen.
Als je twijfelt kun je altijd nog een gedeelte verkopen.
En wat is erger: spijt omdat je te vroeg of omdat je laat verkocht hebt....???
Precies,
BeantwoordenVerwijderenBedankt voor je reactie. Grote rampen; hiermee bedoel je de donkere wolken boven de Euro of bedoel je oorlogen/natuurrampen?
Alvast bedankt.
Hendrik
Hendrik,
BeantwoordenVerwijderenDe (koers van de) euro interesseert mij geen bal, dat is alleen voor zeuropieten.
Ik bedoelde een ramp à la Lehman of à la Tsjernobyl of misschien een GROTE meteoriet.
Zijn ze bij Extract echt van plan om zelf te gaan produceren, het lijkt er wel op. Anders is nu toch bijn het moment gekomen om te gaan verkopen. Ik heb wel eens ergens gelezen dat het $25 kost om een pond Uranium uit de grond te halen; dit is inclusief kapitaalslasten. Dit zou bij een prijs van $60 en 350 miljoen pond toch een netto-waarde van 12 miljard. Als Rio dan een bod neerlegt van $20 per aandeel houdt genoeg netto-waarde over en moeten de Jappaners en Kalahari toch wel toehappen.
BeantwoordenVerwijderenWant ondanks de stijging van de laatste maanden, vindt ik de aandelenprijs toch niet echt hoog. Dit betekent volgens mij dat de markt toch nog vele gevaren ziet; vooral omdat er zo weinig vrij verhandelbare aandelen zijn.
De koers krijgt flinke dreun in ieder geval
BeantwoordenVerwijderenUpdate for the public provided three days after publication.
BeantwoordenVerwijderenJanuary 14, 2011–TradeTech’s Uranium Spot Price Indicator rose for the third consecutive week, increasing $1.50 to $66.50 per pound U3O8. The gap between willing buyers and willing sellers widened this week, although buying interest continues to outstrip demand with utilities, traders, producers, and financial entities all participating in the market. An increase of more than 7 percent in the uranium spot price since December 31, 2010, has caused some buyers to temporarily withdraw, yet sellers remain reticent to lower offer prices. Transaction activity in the spot market slowed considerably with only four transactions concluded this week.
Net wat je zegt; de prijs van Uranium blijft maar stijgen (nu al $68), en Extract blijft de laatste maanden wat hangen op $9,00. Dit terwijl de waarde (bij 350 miljoen pond) in een maand tijd alweer 2-3 miljard dollar is opgelopen. En dit is dus een directe netto waarde-vermeerdering.
BeantwoordenVerwijderenOok heb ik het idee dat er momenteel meer verkopers van het aandeel zijn, dan kopers. Zou ik toch iets over het hoofd zien, wat de markt wel inprijst.
TradeTech:In the Market
BeantwoordenVerwijderenUpdate for the public provided three days after publication.
February 4, 2011–TradeTech’s Uranium Spot Price Indicator is $73.00 per pound, up $0.75 from the January 31 Exchange Value. Some market participants temporarily withdrew from the market earlier this week to reassess their positions relative to the sharp increase in uranium prices reported in recent weeks. However, by the end of the week buyers and sellers were returning to the market. The gap between willing buyers and willing sellers has narrowed, with both sides exhibiting renewed willingness to close the gap between bids and offers in order to conclude transactions. Five transactions totaling were concluded over the course of the week. Delivery timing continues to be a significant factor in the spot uranium market, as near-term supply remains extremely thin.
Koers schiet omhoog, bijzonder volume ook.
BeantwoordenVerwijderenPrecies; wellicht een overbodige tip, maar is het ook mogelijk om een zoekfunctie te installeren? Zou zorgen voor meer interactie en dynamiek, omdat oudere berichten sneller binnen handbereik liggen!
Anoniem,
BeantwoordenVerwijderenik heb tot nu niks kunnen vinden wat op een zoekfunctie lijkt, althans niet binnen het blog.
Maar gelukkig hebben we Google: ik gaf in 'precies + extract' en ik kwam gelijk op dit draadje terecht.
Met de 'END'toets zit je gelijk bij het laatste bericht.
Komende maandag aandeelhoudersvergadering; deze zou eerst drie weken terug plaatsvinden, echter uitgesteld om op 21 februari meer informatie te kunnen verschaffen.
BeantwoordenVerwijderenExtract and Rio mulling Namibia uranium tie-up
BeantwoordenVerwijderenBy: Esmarie Swanepoel
21st February 2011
Updated 38 minutes ago
PERTH (miningweekly.com) − Exploration company Extract Resources said on Monday that it was in discussions with Rio Tinto regarding a potential combination of the Husab uranium project with the neighbouring Rossing mine, in Namibia.
The ASX- and TSX-listed uranium developer said that a combination of the two uranium mines could capture significant synergies.
Extract is developing a 15-million-pound a year uranium oxide operation at Husab, and has recently received environmental approval from the Namibian government.
Husab, near Swakopmund, is the world’s fifth-largest known primary uranium deposit.
Rio’s Rössing mine has been mining and processing uranium in Namibia for the past 34 years. It is the third-largest uranium mine in the world, and in 2009 mined 54,5-million tons of rock and produced 4 150 t of uranium oxide.
Extract also stated that it was also in discussions with major shareholder Kalahari Minerals to explore various methods to simplify the Extract/Kalahari shareholding structure.
“These discussions remain confidential and incomplete and there is no certainty that the parties will reach any agreement,” the company stated.
Kalahari holds a 41,08% interest in Extract through its Kalahari Uranium subsidiary.
Extract’s share price jumped more than 3% on Monday on the ASX to A$9,92 a share.
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commentaar:
Dit zijn erg moeizame onderhandelingen en ik betwijfel of ze het eens kunnen worden.
Het voordeel zou zijn dat Extract zonder veel investeringen direct kan gaan produceren.
Een vijandig bod van Rio op Kalahari zou een hoop problemen voor Rio kunnen oplossen.
UPDATE 1-Kalahari Minerals says in takeover talks
BeantwoordenVerwijderenMon Mar 7, 2011 11:25am GMT Print | Single Page [-] Text [+]
* Kalahari confirms in talks with third party, may lead to offer
* Shares in Kalahari rise 13 percent
(Adds details)
LONDON, March 7 (Reuters) - Kalahari Minerals (KAH.L: Quote) on Monday said it was in talks with an unnamed third party, which may lead to an offer being made for the company, sending its shares to an all time high.
Shares in the UK-listed miner, which holds around 43 percent of Extract Resources (EXT.AX: Quote) (EXT.TO: Quote), soared as much as 13 percent to a highest ever 293.50 pence on the news, as it said discussions were ongoing and that a further announcement would be made when appropriate.
Kalahari said it was also in talks to simplify its shareholder structure with Extract in a bid to combine assets with Rio Tinto in Namibia.
The company wants to combine Extract's Husab Uranium project with the neighbouring Rossing Uranium mine owned by Rio Tinto (RIO.AX: Quote) (RIO.L: Quote). It added that there is no certainty the parties will reach any agreement.
Extract's chairman told Reuters in February that the company had no intention to sell its Husab uranium deposit, the largest of its kind in the world [ID:nLDE71M0C6]
Analysts have long said Extract could be an eventual target for Rio, whose Rossing mine is near Extract's Husab deposit. Speculation was renewed last month week when the two companies said they were in talks to combine their uranium projects.
Shares in Kalahari were up 10.47 percent at 11.06GMT, giving the company a total market value of 705.6 million pounds.
(Reporting by Lorraine Turner; Editing by Rhys Jones
G-member,
BeantwoordenVerwijderenJoost mag weten waar ze nu weer mee bezig zijn en of Rio hier iets mee te maken heeft of niet. Misschien wordt het oude fusieplan met EXT weer uit de kast gehaald.
De bedoeling van Kalahari was juist om het onmogelijk te maken dat Rio voor een prikkie Extract kon overnemen.
Ik heb weliswaar aandelen KAH en NWT, maar ik baal toch, want ik heb veeel meer EXT.
Het is begonnen :D
BeantwoordenVerwijderenCash offer van de Chinezen op Kalahari.
290 Pence.
7 March 2011
CGNPC URANIUM RESOURCES CO., LTD.
("CGNPC-URC")
POSSIBLE RECOMMENDED CASH OFFER FOR KALAHARI MINERALS PLC ("Kalahari")
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.5 OF THE CITY CODE. THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL ULTIMATELY BE MADE.
Summary
-- The CGNPC-URC Board and the Kalahari Board are pleased to announce that they are in discussions regarding a possible recommended cash offer by CGNPC-URC or a subsidiary undertaking of CGNPC-URC for the entire issued and to be issued share capital of Kalahari (the "Possible Offer").
-- CGNPC-URC, a state-owned enterprise in the PRC, has established strong relationships with domestic and overseas manufacturers and suppliers of natural uranium. An acquisition of Kalahari is therefore in line with its ongoing strategy to support development of important new sources of natural uranium supply.
-- The Possible Offer will comprise 290 pence in cash for each Kalahari Share (the "Offer Price"), valuing Kalahari's fully diluted share capital, including shares attributable to the Options and Convertible Loan Notes, at approximately GBP756 million.
-- The Possible Offer is at an attractive price and represents a premium of approximately:
Vervolg op eerder bericht.
BeantwoordenVerwijdereno 11 per cent to the Closing Price of 260.25 pence per Kalahari Share on 4 March 2011, being the latest practicable Business Day prior to the commencement of the Offer Period;
o 21 per cent to the Closing Price of 239.75 pence per Kalahari Share on 18 February 2011, being the latest practicable Business Day prior to the announcement by Extract Resources Ltd ("Extract") (in which Kalahari has a 42.79 per cent shareholding) that it was in discussions regarding a potential combination of Extract's Husab Uranium Project and Rio Tinto's Rossing Uranium Mine; and
o 38 per cent to the average Closing Price of 209.7 pence per Kalahari Share for the six months prior to and including 4 March 2011, being the latest practicable Business Day prior to the commencement of the Offer Period.
-- The Possible Offer is subject to a number of Pre-Conditions including certain regulatory clearances from the authorities in China and Australia as well as finalising the financing to the standards required by the City Code. CGNPC-URC reserves the right to waive any of the Pre-Conditions and, with the consent of the Panel, make any Pre-Condition set out in this announcement a condition to any formal offer.
-- CGNPC-URC intends to engage with the Australian Securities and Investments Commission ("ASIC") prior to any Rule 2.5 Announcement, to confirm that any offer under Rule 2.5 of the City Code is in compliance with the Australian Corporations Act. CGNPC-URC will seek relief from ASIC to acquire a relevant interest in more than 20 per cent of Extract on a basis agreed between CGNPC-URC and ASIC.
-- The Kalahari Board has indicated to the CGNPC-URC Board that should a firm intention to make an offer under Rule 2.5 of the City Code be made on the terms of the Possible Offer, the Kalahari Board intends to recommend that Kalahari's shareholders accept such offer.
-- To demonstrate their commitment to the Possible Offer, CGNPC-URC and Kalahari have entered into the Implementation Agreement providing certain assurances and confirmations between the parties, including mutual break fees.
-- CGNPC-URC has received irrevocable undertakings from each member of the Kalahari Board (other than Takashi Yasuda who does not own any shares) to accept the Possible Offer upon it being made, subject to there being no Superior Proposal representing an improvement of 5.0 per cent to the value of the consideration under the Possible Offer, in respect of their entire holdings of Kalahari Shares including an offer for their Options (being, in aggregate 19,549,006 Kalahari Shares which represent approximately 7.3 per cent of the fully diluted share capital of Kalahari).
Commenting on the Possible Offer, Zhiping Yu, CGNPC-URC's Managing Director said:
"We are delighted to have secured the support of the Kalahari Board, as we believe this highlights both the attractive value of the Possible Offer and CGNPC-URC's status as an excellent partner for the future development of the Husab Uranium Project."
Commenting on the Possible Offer, Mark Hohnen, Kalahari's Executive Chairman said:
"The Kalahari Board has considered the Possible Offer from CGNPC-URC carefully in the context of other opportunities available to Kalahari and the Kalahari Board believes this represents attractive value for Kalahari Shareholders. If made, the Possible Offer would enable Kalahari Shareholders to crystallise this value now, in cash. CGNPC-URC's core business activities are centred on the management and supply of nuclear fuels for its parent, CGNPC, establishing interests in and supporting the development of commercial resources and reserves of natural uranium. The Kalahari Board believes this pre-eminent position in the uranium sector makes CGNPC-URC a suitable partner for the realisation of the full potential of the Husab Uranium Project to the benefit of all stakeholders.
G-member,
BeantwoordenVerwijderenje berichten zaten in de 'Spam', maar ik heb ze gered!
290 pence is niet echt indrukwekkend, maar laten we hopen dat er nu een biedingsoorlog losbarst.
Ok bedankt.
BeantwoordenVerwijderenBod van de Chinezen is erg teleurstellend.
Daarnaast claimen ze dat Kalahari achter het bod staan.
Ik ga er wel vanuit dat Rio Tinto of iemand anders een counterbid gaan maken.
We zullen moeten afwachten.
G-Member,
BeantwoordenVerwijderenKalahari moet dat wel zeggen om een biedingsoorlog uit te kunnen lokken.
Je zou zeggen, dat er ook in Australie een verplicht bod bij het verkrijgen van meer dan 20% zou zijn, maar behalve dat er over gesproken is en wordt, kan ik niet vinden of het daadwerkelijk inmiddels is ingevoerd.
BeantwoordenVerwijderenAls dit zo door mocht gaan, zonder bod op Extract, zou dat niet erg gunstig zijn. Niet prettig met de chinesen op de bok.
Rober
Rober,
BeantwoordenVerwijderendat is niet van belang bij een bod op KAH, er verandert immers niks in Australië, KAH is een Engels bedrijf.
Ik weet niet of je gelijk hebt, het kan evengoed zo zijn dat als het belang onmiddelijk of middelijk overgaat, er sprake zou kunnen zijn van een biedplicht.En dat zou ook terecht zijn, het is een groot verschil of een bedrijf een gespreid aandeelhouderschap heeft, of dat een vreemde mogendheid 100% heeft.Overigens heeft Kalahari ook aandeelhouders die beiden hebben, bijv. Rio, en ik meen ook dat Japanse bedrijf. Dus het is helemaal niet zeker dat de aandeelhouders Kalahari instemmen. Hier zal nog wel het een en ander aan ontwikkelingen gaan komen.
BeantwoordenVerwijderenIk heb gekeken als Kalahari 290 opbrengt, wat dan de overeenkomstige waarde voor Extract zou zijn. Maar je moet ook rekening houden met warrants en opties. Heeft iemand die berekening paraat?
Rober
Rober,
BeantwoordenVerwijderenNIEMAND, ook de insiders weten niet hoe het nu verder gaat, er kan nog van alles gebeuren.
Ik denk ook niet dat de aandeelhouders van KAH instemmen met dit bod en het bestuur van KAH weet dat ook.
En rekenen doe ik niet in dit stadium, dat is veel te vroeg.
UPDATE 1-China's move on Kalahari may spur counter bids
BeantwoordenVerwijderenTue Mar 8, 2011 6:51am EST
* Rio seen as potential suitor due to Namibian mine proximity
* Rio owns 14 pct stake in Extract and its parent Kalahari
* Japan's Itochu owns 14 pct of Kalahari as well
* Extract shares up on expectations of offer (Adds details of Itochu shareholding, background)
By Sonali Paul
MELBOURNE, March 8 (Reuters) - A $1.23 billion potential takeover offer by a Chinese state-run group for Kalahari Minerals may prompt Rio Tinto to consider its own bid for the uranium miner.
The 290 pence per share offer by China Guangdong Nuclear Power Holding Corp would allow China's government access to uranium to boost its atomic generation efforts.
China has invested heavily in securing global commodities to fuel an economy that grew more than 10 percent in 2010. Companies have made $15.2 billion worth of overseas acquisitions of uranium companies alone since 2003, Thomson Reuters data shows.
London-listed Kalahari was trading 2.8 percent above the offer price early on Tuesday, suggesting that the market is expecting a higher bid.
Rio Tinto owns 14 percent of Kalahari and has indicated an interest to buy smaller miners, raising the prospect that it could consider a takeover.
"Rio has flagged a willingness to undertake those sort of small-to mid-tier transactions," said Ben Lyons, an analyst at ATI Asset Management, which owns Rio Tinto shares.
Japan's Itochu Corp also owns 14 percent of Kalahari. Both Rio and Itochu could either make a bid on their own or, as shareholders, block an offer.
Kalahari on Monday said it would recommend the offer to shareholders if a formal bid was made on the proposed terms.
The offer for Kalahari has prompted market speculation that other companies in the sector will be targeted for takeovers.
Shares of Australia's Extract Resources jumped 7.3 percent on Tuesday on expectations that Rio would move ahead with an offer for the Namibia-focused miner.
Rio is a 14.2 percent shareholder in Extract and has long been seen as a suitor because the two companies have neighbouring uranium projects in Namibia.
****************************************
De koers van KAH staat inmiddels al op ca 300 p.
UPDATE 2-China power producer may have to bid for Australia's Extract
BeantwoordenVerwijderenExtract Resources Ltd
EXT.AX
$10.73
+0.79+7.95%
4:29am GMT+0100
Kalahari Minerals Plc
KAH.L
301.00p
+16.00+5.61%
03/08/2011
Tue Mar 8, 2011 10:03pm EST
* Top Extract shareholder Kalahari faces Chinese takeover proposal
* Chinese need exemption from requirement to bid for Extract
* If Chinese took over Kalahari, would own 43 pct of Extract
* Extract shares jump 8.6 pct to 18-month high (Adds fund manager comment, updates shares)
MELBOURNE, March 9 (Reuters) - A Chinese state-owned nuclear power producer could be forced to make a bid for Australia's Extract Resources worth $2.7 billion as part of a bid for Kalahari Minerals , as China looks to secure uranium from Africa.
A unit of China Guangdong Nuclear Power Holding Corp (CGNPC) is lining up a $1.23 billion offer for Kalahari, Extract's top shareholder with a 43 percent stake.
The move on Kalahari sent Extract's shares to an 18-month high on Wednesday on bets that the company had been put into play, pitting the Chinese against Extract and Kalahari's 14 percent shareholder, global miner Rio Tinto.
"Rio could block a bid or turn around and bid themselves. This is going to be interesting," said Ric Ronge, a portfolio manager at Pengana Capital, which does not own shares in Extract.
A1
Uranium is key to China's push to use cleaner energy, with 28 nuclear reactors under construction as the country races to meet soaring energy demand.
If CGNPC took over Kalahari, it would own more than 20 percent of Extract, the threshold at which Australian rules would require it to make a takeover offer for Extract.
The Chinese company said on Monday it would seek an exemption from that rule.
Extract said on Wednesday to protect all its shareholders, it would ask the Australian Securities and Investments Commission (ASIC) to grant that relief to CGNP on condition that "all Extract shareholders are not disadvantaged in any way", or else not grant the relief.
If the exemption is not granted, the Chinese company would be required to make a matching takeover offer for Extract Resources.
2)
BeantwoordenVerwijderenTue Mar 8, 2011 10:03pm EST
Extract shares jumped as much as 8.6 percent and last traded up 7.8 percent at A$10.71, valuing the company at A$2.7 billion.
In a similar case last year, the ASIC refused to force Spanish construction group ACS to buy out the minorities in contractor Leighton Holdings as part of ACS's bid for Leighton's German parent, Hochtief AG .
ACS was not forced to bid because there is an automatic exemption to the takeover rules when the stake is acquired through a takeover of a company that owns more than 20 percent of an Australian firm and is listed on one of several exchanges.
The Kalahari takeover does not fall under that automatic exemption because Kalahari is listed on London's AIM exchange, which is not on the list of approved exchanges, an ASIC spokesman said.
Extract Resources declined to comment further on its planned submission to the commission. Rio Tinto had no comment. (Reporting by Sonali Paul; Editing by Ed Davies and Dhara Ranasinghe)
verplaatst van Prikbord:
BeantwoordenVerwijderenAnoniem zei
Daad bij het woord gevoegd, ik heb Extract in Canada tegen 6.75 weer teruggekocht. Ik had zondagnacht rond de 10 in Australie de helft van mij positie van de hand gedaan als voorzorgsmaatregel. Mogelijk dat komende nacht het niet meer zo goedkoop lukt, dus dan maar in Canada, ook al is het handelsvolume daar erg laag.
17 maart 2011 15:57
UPDATE 1-China's CGNPC may cut bid for Kalahari
BeantwoordenVerwijderenKAH.L 234.25p
-10.75-4.39%
03/23/2011
Wed Mar 23, 2011 6:57am EDT
* CGNPC, Kalahari review bid - CGNPC official
* In talks to assess Japan nuclear crisis impact
* Kalahari shares fall 3.3 pct, well below offer value (Adds background, share move)
By Wan Xu
BEIJING, March 23 (Reuters) - State-owned China Guangdong Nuclear Power may cut its proposed 756 million pound ($1.2 billion) offer for uranium miner Kalahari Minerals in light of Japan's nuclear crisis, a CGNPC official said on Wednesday.
The official said CGNPC and Kalahari, which backed the original proposal, were discussing the impact of Japan's nuclear crisis on both companies' prospects.
"The two parties are in touch to do an assessment," an official of CGNPC Uranium Resource Co, a unit of CGNPC, told Reuters.
"The revaluation of the deal will depend on the outcome of those assessments," he said, declining to be named as he was not authorised to speak to the media.
Kalahari shares, which had been 0.3 percent higher at 245.75 pence, fell 3.3 percent to 243.68 pence by 1004 GMT after the Reuters report.
Kalahari had no immediate comment.
+++++++++++++++++++++++++++++++++++++++++
commentaar: Wat een timing!
Had die tsunami niet een paar maanden later kunnen komen...!!???
Rio is nog steeds de beslissende factor hier.
UPDATE 2-Extract study shows Namibia uranium project viable
BeantwoordenVerwijderenExtract Resources Ltd
EXT.AX
$8.23
Kalahari Minerals Plc
KAH.L
236.00p
Tue Apr 5, 2011 3:05am EDT
* Project cost estimated at $1.66 billion
* Production cost estimated at $32 per pound
* Further exploration needed to define resource
* Kalahari believes CGNPC will satisfy bid conditions * In talks with potential customers
(Adds Kalahari comments)
MELBOURNE, April 5 (Reuters) - Extract Resources (EXT.AX) said on Tuesday a feasibility study showed its key project, the Husab uranium project in Namibia, was economically viable.
Husab is the prize being chased by state-owned China Guangdong Nuclear Power (CGNPC) with its proposed 756 million pound ($1.2 billion) takeover offer for Extract's 43 percent owner Kalahari Minerals (KAH.L).
In a separate statement, Kalahari said it believes that CGNPC continues to look to satisfy the conditions of its possible 290 pence a share bid announced on March 7. Since then an official at CGNPC said the group may cut its proposed offer in light of Japan's nuclear crisis.
Based on its mine plan, Husab is expected to cost around $1.66 billion, with production costs estimated at $32 a pound, including royalties, marketing and transport. Uranium is currently selling for around $62.50 a pound.
"The (definitive feasibility study) results demonstrate that Husab is capable of being developed into one of the largest uranium mines in the world with a low-risk conventional open pit mine," Extract CEO Jonathan Leslie said in a statement.
Extract is talking to potential customers and said it has identified several possible opportunities to line up strategic contracts.
Extract has been in talks with its 14 percent stakeholder Rio Tinto (RIO.AX)(RIO.L) about combining their uranium mine developments in Namibia.
Extract said it needs to do further exploration to define the resource and extend the expected mine life.
It said it could start producing 33 months after the project gets the final go-ahead.
en terug naar 7.57 down 10%, vanwege bericht overheid Namibie: ze willen (alle?) vergunningen toekennen aan stated-owned bedrijf.
BeantwoordenVerwijderenverplaatst van alg Ur-draadje:
BeantwoordenVerwijderen..........................................
Euk zei
MELBOURNE, April 28 (Reuters) - Shares in uranium explorer Extract Resources slumped 10 percent on Thursday on worries about plans by the Namibian government to assign almost all mining and exploration rights to a state-owned company.
Australia-listed Extract Resources declined to comment on the government's proposal to give the state exclusive exploration and mining rights over uranium, copper, gold, zinc and coal. [nLDE73Q27Z]
Extract is looking to develop the Husab uranium project in Namibia, just south of the Rossing mine run by Rio Tinto
, which also owns 14 percent of Extract.
Extract shares fell 9.9 percent to A$7.57, valuing the group at A$1.9 billion ($2.07 billion).
Rio Tinto also declined to comment on the Namibian government's plans.
Extract's top shareholder, Kalahari Minerals , is in talks with a unit of state-owned China Guangdong Nuclear Power Holding Corp (CGNPC) on a 756 million pound ($1.2 billion) takeover offer. Kalahari shares fell 8 percent to 228.75 pence in early trade in London.
The deadline for CGNPC to submit a formal offer is next Tuesday, May 3.
If CGNPC took over Kalahari, it would own 43 percent of Extract, above the 20 percent threshold at which Australian rules would require it to automatically make an offer for the rest of Extract's shares.
CGNPC applied to the Australian Securities and Investments Commission for an exemption from that requirement. The commission is expected to rule soon on the request. ($1 = 0.605 British Pounds) ($1 = 0.920 Australian Dollars)
28 april 2011 10:08
Euk,
BeantwoordenVerwijderenhet lijkt er bijna op dat de Chinezen iemand in Namibië flink betalen voor het verspreiden van dit loze berichten.
De Namibiëers kunnen helemaal niks wat betreft exploratie en mijnbouw, maar ik denk wel dat ze deelnemingen willen afdwingen.
28 april 2011 14:05
In a broad-based state of the nation speech delivered to parliament on Wednesday, President Hifikepunye Pohamba said the law was meant "to ensure that strategic minerals are exploited with the participation of the public sector".
BeantwoordenVerwijderen"It is for this reason that Epangelo Mining company was established as a vehicle for public ownership in the mining sector. I appeal to ... Parliament to speedily pass the envisaged legislation, once it is tabled later this year," Pohamba said.
Epangelo Chief Executive Eliphas Hawala told Reuters the state company planned to enter into joint ventures with parties interested in exploration and mining.
Namibia has deposits of uranium, and foreign firms are exploring for gold, lead, zinc and iron ore.
It is one of the world's largest producers of diamonds, which are not included in the new proposals.
Epangelo was formed in 2009 and received a 5 million Namibian dollar allocation in the national budget last month.
Industry officials said it was not clear whether the state entity would take control of all mining operations under the legislation.
"All mining rights in Namibia are vested in the state, including those currently being mined by private companies," Hawala said.
"The issue is how these rights are controlled through licences. The timeline involved is the prerogative of the state, also depending on consultations with all relevant stakeholders," he added.
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
commentaar: voor zover ik weet heeft Epangelo al een deelname in Extract.
28 april 2011 14:12
G-Member zei
BeantwoordenVerwijderenVorig jaar had je nog al die onzin met de Russen (in samenwerking met Epangelo) die Extract zelf wilden ontwikkelen. Ze wilden er 1 miljard voor uittrekken als ik me nog goed kan herinnneren. En vandaag weer deze BS.
Volgens mij heeft Epangelo nog geen deelname in Extract. Ze willen dus inderdaad d.m.v. deze actie een belang onderhandelen. Ik had vanochtend ergens gelezen in een artikel, dat het echt om Areva (Uramin) en Extract zou gaan en niet bijv. WTI.L waarvan de regering van Namibie al een 5% belang in heeft.
28 april 2011 15:36
-----------------------------------------
Hendrik zei
Ik begrijp het verkeerd als ik zeg dat men wil nationaliseren?
28 april 2011 16:37
------------------------------------------
Precies zei
Hendrik,
wees maar niet bang, dat zal nooit gebeuren, want dan stort alle mijnbouw in Namibië in elkaar.
Ik zie het wel gebeuren dat men een deelname wil afdwingen in ruil voor vergunningen.
Dit heet: 'staats-chantage'.
28 april 2011 17:38
Zo'n 12% van de koers af in 1 dagje. Niet te geloven.
BeantwoordenVerwijderenLANGER HEINRICH TO BE UNAFFECTED BY
BeantwoordenVerwijderenREPORTED CHANGES TO NAMIBIAN MINERAL POLICY
Paladin Energy Ltd (“Paladin” or the “Company”) notes recent market commentary regarding statements made in Namibia concerning the involvement of the state owned mining company Epangelo Mining (Pty) Ltd on specific strategic minerals including uranium.
Paladin wishes to advise that, following discussions with the Government of Namibia, it is our understanding that the equity position and operations of Langer Heinrich will remain unaffected.
The Company will advise the market if and when additional information comes to hand
Extract Resources Ltd. (EXT), an explorer proposing a $1.7 billion uranium venture in Namibia, fell 20 percent in two days in Sydney on concern that the government plans to give mining rights to a state-owned company.
BeantwoordenVerwijderenExtract still has support from the Namibian government and believes statements made by the country’s Mines and Energy Minister Isak Katali about state-owned Epangelo Mining Co. “have been taken out of context,” the company said in a statement today to the Australian stock exchange. Extract said it’s seeking more information from government officials.
“Media reports quoting Namibia’s mining minister declaring uranium, copper, gold, zinc and coal would face legislation later this year giving the state exclusive exploration and mining rights have understandably concerned industry officials,” Glen Chipman, an analyst at Bank of America Corp. Merrill Lynch in Sydney, wrote in a report. “At this very early stage, it appears there could be some misconstrued elements.”
Extract’s Husab uranium venture in Namibia has been targeted by China Guangdong Nuclear Power Group Co., which last month offered 756 million pounds ($1.26 billion) for Kalahari Minerals Plc. (KAH) Kalahari owns about 43 percent of Extract.
in 2006 heeft deze Minister van Mijnbouw & Energie van Namibië ook al van die populistische uitspraken gedaan maar dan als Minister van Binnenlandse Zaken. Het wordt tijd dat de regering van Namibie duidelijk maakt dat dit niet de richting is die ze op willen gaan (zichzelf in hun eigen voeten schieten) maar een eenmansactie betreft.
BeantwoordenVerwijderen--------------------------------------------------------
'Namibia must take land as Mugabe did'
May 24 2006 at 09:52am
Harare - The speed with which Zimbabweans took back their land from white farmers is "commendable" and Namibia wants to do the same, Namibia's deputy land minister was quoted as saying on Tuesday.
"We feel that the speed they took the land is commendable and we would like to see how they did it," said Isak Katali, who is on a visit to Zimbabwe, according to the state-owned Herald newspaper.
Zimbabwe launched its controversial land-reform programme in 2000, and now most of the country's 4 000 formerly white-owned farms are in the hands of black farmers.
The programme has sparked Western criticism but won Zimbabwe the praise and admiration of other countries in southern Africa.
"Land reform is important to Namibia and we feel that the same colonisers are the same people who colonised Zimbabwe," Katali said.
"We also feel that if Zimbabwe did this we can do it in the same manner," he added. - Sapa-DPA
The Minister (of mines, Rober)has since advised the Chamber of Mines of Namibia that his speech does not affect existing Exclusive Prospecting Licences ("EPLs"), Mining Licences ("MLs"), and Mineral Deposit Retention Licences ("MDRLs").
BeantwoordenVerwijderenLICENCES & PERMITTING Extract
The Company lodged an Environmental Impact Assessment (EIA) and Environmental Management
Plan (EMP) with the Ministry of Environment and Tourism in November, 2010. Environmental
approval for the mine and plant was received from Namibia’s Ministry of Environment and Tourism in
January 2011. A further application will be made in respect of linear infrastructure required to support
the plant.
A Mining Licence application was lodged with the Ministry of Mines and Energy in December, 2010.
The Mining Licence application area covers the main extent of granite hosted uranium mineralisation,
at the northern end of Exclusive Prospecting Licence 3138.
Als ik dit allemaal goed begrijp, gaat het om toekomstige ontwikkelingen en worden bestaande vergunningen met rust gelaten. Het eerste deel van het verhaal is van Aurix, die een goudproject heeft in Namibie. Namibie is een groot land, met een heel kleine bevolking, minder dan 2 miljoen mensen. De Swapo, de bevrijdingsorganisatie is de machthebber, maar er zijn meerdere stammen. Ong. 7% van de bevolking is blank, Duitsers en Zuid-Afrikanen. Het land is niet erg met Zimbabwe te vergelijken. Tot nu toe heeft het pragmatisme gezegevierd. Ik ga er van uit dat er geen wilde dingen gaan gebeuren. De koersdalingen slaan dus nergens op, Aurix is op het bericht alweer hoger.Ik stel voor: geen paniek.
Rober
Extract heeft in December een mijn licentie aangevraagd en is nog steeds in afwachting van die licentie. Zoals Precies al eerder aanhaalde, zal het wel te maken hebben met een deal die ze willen sluiten (mijn licentie voor een stake in Extract).
BeantwoordenVerwijderenIk denk dat het wel mee zal vallen en de koers uiteindelijk zal herstellen.
Extract zit momenteel in een trading halt tot 4 mei in afwachting van een persbericht van Kalahari met betrekking tot het bod van CGNPC.
BeantwoordenVerwijderenVannacht heeft Extract ook een persbericht naar buiten gebracht met
betrekking tot de onrust in Namibie. Ze geven aan dat ze niet geraakt zullen worden door de plannen en dat ze de volledige steun hebben van de regering.
Nog even geduld hebben dus....
G-Member,
BeantwoordenVerwijderenik hoop en ik denk dat vlak na de officiële aankondiging van het Chinese bod een biedingsstrijd zal losbarsten.
:-)
BeantwoordenVerwijderenLaten we het hopen. Wachten heeft nu lang genoeg geduurd vind ik soms!
@Precies,
BeantwoordenVerwijderenDat denk ik dus ook. Het lijkt me stug dat Rio Tinto dit aan hun neus voorbij laten gaan.
Nu alleen hopen dat Namibië inderdaad geen gekke dingen gaat doen. Officiële perslezing volgt nog.
BeantwoordenVerwijderenChina's CCGNPC expected to extend Kalahari bid as deadline looms
BeantwoordenVerwijderenExpand Story >>
<< Reduce Story
SYDNEY, May 3 (Reuters) - China Guangdong Nuclear Power Holding Corp (CGNPC) is expected to extend Tuesday's deadline for its 756 million pound ($1.2 billion) takeover offer for uranium miner Kalahari Minerals as it seeks clarity over changes to mining laws in Namibia which may dampen appetite for a deal.
The state-owned Chinese firm has until late Tuesday afternoon London time to either formalise its bid, extend the offer, lower the offer or walk away.
Kalahari owns a 43 percent stake in Extract Resources
, which owns the Husab uranium project in Namibia, potentially the second-largest uranium mine in the world.
Kalahari said last week it was confident it would seal a deal but that was before media reports of possible policy changes by the Namibian government which hit Extract shares.
Extract's Australian-listed shares remained in a trading halt on Tuesday pending an announcement on CGNPC's bid for Kalahari.
Analysts and one source familiar with the transaction said extending the deadline made the most sense for CGNPC as there was uncertainty over media reports Namibia may assign mining and exploration rights to a state-owned company. The government plans to brief media on the matter later this week.
"We believe that CGNPC may take advantage of the uncertainty in Namibia to either lower its bid or extend the deadline," RBC Capital Markets analyst Adam Schatzker said.
The state-owned Chinese firm made its move on Kalahari last month -- days before the Japanese earthquake and the Fukushima nuclear disaster -- lured by access to one of the world's biggest uranium deposits at a time when major powers are scrambling for alternative sources of power.
Kalahari's shares, however, have been badly hit by uncertainty following Fukushima's troubles, and many investors are betting the price could be cut or the deal scrapped.
The original proposal was priced at 290p a share, representing a more than 25 percent premium to the current market value. Kalahari shares last traded in London at 229p a share.
CGNPC and Kalahari were not immediately available to comment. Extract declined to comment on Tuesday.
Rio Tinto has an 11.5 percent stake in Kalahari, with Japan's Itochu Corp <8001.T> owning 13.76 percent. Rio also owns a 14.2 percent stake in Extract. ($1 = 0.605 British Pounds)
(Reporting by Michael Smith; Editing by Ed Davies)
Beide partijen zijn nog in discussie m.b.t een mogelijk bod van CGNPC.
BeantwoordenVerwijderenHet ''mogelijke'' nieuwe bod wordt voorgesteld op 270 pence i.p.v. het eerdere voorgestelde bod van 290 pence.
-------------------------------------------------------
3 May 2011
UPDATE REGARDING POSSIBLE RECOMMENDED CASH OFFER BY CGNPC-URC FOR KALAHARI
Further to the announcement on 7 March 2011 regarding a possible recommended
cash offer for Kalahari Minerals plc ("Kalahari" or the "Company") by CGNPC
Uranium Resources Co. Ltd. ("CGNPC-URC") at 290 pence per share, Kalahari
confirms that it remains in discussions with CGNPC-URC regarding a possible
offer for the Company.
Following the tragic Japanese earthquake and tsunami and the resulting incident
at the Fukushima Daiichi nuclear power plant, CGNPC-URC has had discussions
with Kalahari on the terms and expected timing of the Possible Offer. After
discussions between the parties it was agreed that the Panel Executive should
be approached regarding a proposed reduction of the price of the Possible Offer
to 270 pence per Kalahari Share.
The Panel Executive has ruled that CGNPC-URC is not permitted to announce a
firm offer for Kalahari at 270 pence per share, even with the agreement of the
Kalahari Board, because under Rule 2.4(c) of the City Code on Takeovers and
Mergers (the "City Code"), where a potential offeror announces indicative offer
terms without reserving the right to make an offer at a lower level of
consideration, any offer made by it for the offeree company during the offer
period and three months thereafter must be on the same or better terms.
CGNPC-URC and Kalahari chose not to reserve the right for CGNPC-URC, with the
agreement of the Kalahari Board, to change the terms of the Possible Offer in
the 7 March 2011 announcement.
The Kalahari Board is appealing against the Panel Executive's ruling. The
parties have entered into a deed of variation amending certain terms of the
Implementation Agreement entered into on 7 March, including the postponement to
17 June 2011 of the date by which an announcement of a firm intention to make
an offer must be made. This deed of variation is conditional upon a successful
appeal of the Panel Executive's ruling.
Even if an appeal is successful, there can be no certainty that an offer will be made. No offer will be announced on 3 May 2011 as previously anticipated.
A further announcement will be made in due course.
Misschien een domme vraag, maar wat hebben wij eraan als Kalahari wordt overgenomen, en dat tegen een gereduceerd tarief dan het eerdere bod? Ik bedoel, wat heeft dit voor invloed op Extract?
BeantwoordenVerwijderenVolgens de regels van de ASX (Australische beurs, Take Over board) moet de overnemende partij (CGNPC) ook een bod doen (downstream bid) op Extract als ze meer dan 20% van de totale aandelen willen hebben.
BeantwoordenVerwijderenDat is wel de bedoeling in ieder geval. Mocht CGNPC een officieel bod presenteren op alle aandelen, dan verwacht ik dat Rio Tinto een tegenbod zal doen mogelijk in afwachting van een mijnlicentie.
Ah oke, bedankt voor de verduidelijking! Begon al te denken: KAH is leuk een aardig, maar als het alleen betekent dat EXT een nieuwe eigenaar krijgt dan heeft het voor ons nog weinig voordeel (alleen maar potentieel nadeel, met nieuw managment en all).
BeantwoordenVerwijderenAan het bovenstaande wil ik dit nog toevoegen:
BeantwoordenVerwijderenDegene die KAH in bezit heeft/krijgt, heeft (ook zonder een bod op de rest) de feitelijke controle over Extract.
De winnaar van het komende gevecht om KAH zal vrijwel zeker hetzelfde bedrag (p.a.) gaan neertellen voor EXT.
In het ergste geval blijven we mede-eigenaar van de meest winstgevende Ur-mijn ter wereld.
Goed nieuws
BeantwoordenVerwijderen-------------------------------
UPDATE 1-Namibia minister says existing mine permits safe
* Clarity had been sought on policy
* State miner will be able to form joint ventures
(Adds quotes, details)
WINDHOEK, May 10 (Reuters) - Namibia's mines minister confirmed on Tuesday that a policy to grant future mining rights to a state-owned firm will not impact existing mining and exploration licences.
The southern African nation has worried investors with a recent decision to grant future rights to strategic minerals to a state company.
"The existing exploration and mining licenses will not be affected," mining minister Isak Katali said in a statement.
Katali had already been quoted in the local media as saying the plan will only apply to future mineral rights and not existing ones.
Investors had sought clarification on the policy, but Namibia's government has said little and the initial government decision in late March had not been immediately announced.
Uranium explorer Extract Resources (EXT.AX) had seen its share price hammered after the initial reports that rights to uranium and other minerals would be assigned to the state-owned company, Epangelo.
But while it said it was seeking clarity it also expressed confidence that the government's proposed policy changes on strategic minerals would not affect its Husab uranium project license. [ID:nS9E7FS003]
Epangelo, which will lack the capital to pursue major projects, will be able to form joint ventures with other companies and so will be the vehicle through which investors will have to enter the country's mining sector.
(Reporting by Servaas van den Bosch, editing by Ed Stoddard)
Minder goed nieuws
BeantwoordenVerwijderen-------------------------------
UPDATE 2-China withdraws Kalahari bid after panel ruling
* CGNPC withdraws offer for Kalahari
* Decision follows takeover panel ruling
* Regulator said CGNPC could not cut bid price
* Kalahari shares close down 0.9 percent (Adds CGNPC withdrawal)
LONDON, May 10 (Reuters) - China Guangdong Nuclear Power (CGNPC) withdrew its possible bid for Kalahari Minerals (KAH.L) on Tuesday, scuppered by the Japanese nuclear crisis and a refusal by UK regulators to allow a lower offer.
State-owned CGNPC made an informal move on Kalahari in March -- days before the Japanese earthquake -- lured by access to one of the world's biggest uranium deposits at a time when major powers are scrambling for alternative sources of power. [ID:nLDE7260VG]
But, in the light of uncertainties following the Fukushima nuclear disaster, both sides agreed last week to lower the initial 290 pence per share offer to 270 pence [ID:nLDE74225U].
Britain's Takeover Panel, however, said it would not allow CGNPC to turn a higher, informal offer, into a lower, formal bid. The panel's hearings committee upheld that ruling on Tuesday.
After the market close, CGNPC said that following the panel's ruling, it no longer wished to make an offer on the terms announced in March.
Kalahari owns a 43 percent stake in Extract Resources (EXT.AX), which owns the Husab uranium project in Namibia, potentially the second-largest uranium mine in the world.
Kalahari's shares closed down 0.9 percent at 226 pence. (Reporting by Clara Ferreira-Marques and Rosalba O'Brien; Editing by Maureen Bavdek)
Zowel Duitsland als Zweden hebben officieel afgekondigd te willen stoppen met kernenergie. Waan van de dag, of was Japan het duwtje in de rug? Kan me van Tsjernobyl geen regeringen herinneren die zo reageerden, dit waren meer de burgers.
BeantwoordenVerwijderenZweden blijft toch gewoon kernenergie gebruiken? Ze zijn er zelfs positief in.
BeantwoordenVerwijderenJe bedoelt waarschijnlijk Zwitserland.
Brun en Hendrik,
BeantwoordenVerwijderendit soort verhalen hebben we al zo vaak gehoord, maar als puntje bij paaltje komt gaat het nooit door.
Want wie moet/wil dat betalen...???
Kernenergie kost ca een halve cent per Kwh en alternatieve energie kost ca 20 cent of meer per Kwh, nog afgezien van de talloze praktische problemen.
Maar ja, we zitten in een negatieve hype en het volk krijgt te horen wat ze willen horen, zodat ze weer ophouden met zeuren.
Yess Brun, ik bedoel de Zwitsers. Het was ook een latertje :-).
BeantwoordenVerwijderenPrecies; akkoord, maar dat is met de kennis van nu. Als men besluit geen nieuwe centrales bij te bouwen, dan lijkt men dit toch redelijk concreet? Natuurlijk heb ik dezelfde vragen als jou, dus ik moet het nog aanzien.
RPT-Extract says Husab is world's No. 4 uranium deposit
BeantwoordenVerwijderen2:35am EDT
LONDON, June 7 (Reuters) - Extract Resources (EXT.AX: Quote, Profile, Research, Stock Buzz) said its Husab uranium project in Namibia is the world's fourth-largest deposit after the resource estimate was revised upwards.
Zones 1-2 of the project are estimated to contain 358 million pounds of uranium oxide on a measured and indicated basis, up 39 percent since last August, while less certain inferred resources for zones 1-5 were estimated at 130 million pounds. An updated reserve estimate, based on the new resource figures, is scheduled for the second half and is expected to show a significant increase in mine life, the Australian company said on Tuesday.
Kalahari Minerals (KAH.L: Quote, Profile, Research, Stock Buzz), which holds a 43 percent stake in Extract, is being eyed by state-owned China Guangdong Nuclear Power (CGNPC).
The Chinese group withdrew its informal bid for Kalahari in May, after the UK's Takeover Panel said it would not allow CGNPC to cut its 756 million pounds ($1.2 billion) offer, but later said it is considering whether to come back with a fresh bid. [ID:nSGE74A012] (Reporting by Julie Crust; editing by Paul Sandle) ($1=.6115 Pound)
Denken jullie dat CGNPC met een nieuw bod op KAH komt?
BeantwoordenVerwijderenAnoniem,
BeantwoordenVerwijderenfusies en overnames zijn per definitie niet voorspelbaar en zeker niet als er Chinezen in het spel zijn.
Het is ook maar de vraag of we blij zouden moeten zijn met een nog lager bod dan het eerste.
EXT is een van de beste, goedkoopste en grootste Ur-bedrijven die er zijn en dus een must voor liefhebbers van Ur; de kans op een overname/fusie is een extraatje.
Ik weet het, was beetje glazenbol-vraag. Maar ik vroeg dan ook om de gedachten van de mensen hier, niet om feiten :-).
BeantwoordenVerwijderenHet laatste bod kwam neer op zo'n 9.45 voor EXT.AX indirect, door de UK regels.
SYDNEY | Sun Jul 10, 2011 8:09pm EDT
BeantwoordenVerwijderen(Reuters) - China's Sichuan Hanlong Group has made a A$144 million ($154.9 million) "highly conditional" bid for Australia's Bannerman Resources Ltd (BMN.AX), eyeing the group's uranium project in Namibia near key mines.
The bid at A$0.612 a share represents a 59 percent premium to Bannerman's Friday close, but Bannerman said privately owned Sichuan Hanlong was trying to take advantage of recent share price weakness in the wake of Japan's Fukushima nuclear crisis.
"The board of Bannerman believes that Hanlong recognizes the strategic significance of controlling Bannerman's large-scale and low technical risk Etango Uranium Project in Namibia," the company said.
It has been trying to find a joint venture partner to help finance, develop and operate its 80 percent-owned Etango project, southwest of Rio Tinto's (RIO.AX)(RIO.L) Rossing uranium mine and west of Paladin Energy's (PDN.AX) Langer-Heinrich mine.
Bannerman, being advised by Macquarie Capital (MQG.AX) and Cutfield Freeman & Co, said it will continue to talk with Hanlong though it will not grant it exclusivity, and will also continue discussions with others for a joint venture.
Hanlong's bid comes two months after state-owned China Guangdong Nuclear Power (CGNPC) was forced to withdraw an offer for UK-listed Kalahari Minerals (KAH.L) after UK regulators blocked it from cutting its bid after the Fukushima disaster.
Kalahari's key asset is a 43 percent stake in Extract Resources (EXT.AX), which owns the Husab uranium project in Namibia, potentially the second-largest uranium mine in the world.
Hanlong is already the biggest shareholder in Australia's Sundance Resources (SDL.AX), developing a $4.7 billion iron ore project in West Africa, and the majority shareholder in Moly Mines, developing a molybdenum and copper project in Western Australia.
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
commentaar: blijkbaar komt er weer beweging in de Ur-sector; het minst interessante Ur-aandeel uit Namibië krijgt een bod.
Ik moet nog zien of het doorgaat, want ik heb weinig vertrouwen meer in Chinese biedingen.
Mwah het is ook niet zo'n hele grote overname he.
BeantwoordenVerwijderenWel grappig dat de koers nog zo'n 50% onder $0.612 staat.
EXTRACT RESOURCES RECEIVES ENVIRONMENTAL APPROVAL FOR LINEAR INFRASTRUCTURE LINKED TO THE HUSAB URANIUM PROJECT
BeantwoordenVerwijderenHighlights:
Environmental Impact Assessment for the linear infrastructure approved
by Namibia’s Ministry of Environment and Tourism
July 25, 2011: Extract Resources Limited (ASX/TSX/NSX: EXT) ("Extract" or "the Company") today announces that its subsidiary, Swakop Uranium, has received environmental approval from Namibia's Ministry of Environment and Tourism for the linear infrastructure to service its proposed Husab Uranium Project near Swakopmund, Namibia. The linear infrastructure entails access roads, electricity, telecommunications and water supply.
This is the second and last environmental approval needed for the Husab Uranium Project and is in addition to the environmental approval that the Company received in January 2011.
Extract Managing Director Jonathan Leslie said: "Receipt of this last environmental approval represents another key milestone as we develop the world’s fourth largest uranium deposit at Husab. We have undertaken extensive specialist environmental studies and are committed to ensuring our environmental standards adhere to international best practice. With the environmental approvals now in place, we look forward to receiving our Mining Licence from the Ministry of Mines and Energy, the application for which was submitted in December 2010."
Kalahari says Husab uranium reserves up 37 pct
BeantwoordenVerwijderenWed Aug 10, 2011 7:17am EDT
* Proven and probable reserves upped to 280 mln tonnes
* Contained uranium up 42 pct, helped by higher grades
* Sees Husab as most significant new uranium mine
* Kalahari shares up 3.1 pct
LONDON, Aug 10 (Reuters) - Reserve estimates for the Husab uranium project in Namibia have risen 37 percent, Kalahari Minerals said on Wednesday, the day before its potential Chinese suitor is allowed to return with a revised offer.
AIM-listed Kalahari holds a 43-percent stake in Extract Resources , owner of the Husab project which is potentially the second-largest uranium mine in the world.
"The board of Kalahari see that Husab represents the most significant new uranium mine coming into production and remains extremely important to global uranium supply, especially when considering the forecasts regarding constrained supply in 2014-15," said Kalahari Chairman Mark Hohnen.
State-owned China Guangdong Nuclear Power Corp (CGNPC) was in talks in March to buy Kalahari for 290 pence a share. In the days following the earthquake and nuclear disaster in Japan the companies agreed CGNPC could cut the price to 270 pence, but they failed to persuade UK regulators.
Shares in Kalahari were up 3.1 percent at 214.5 pence at 1108 GMT.
The updated estimate for Husab shows a 37 percent rise in proven and probable reserves to 280 million tonnes of which maiden proven reserves are equivalent to four years of full production.
The reserves estimate for contained uranium increased 42 percent, helped by higher grades, to 319.9 million pounds of uranium oxide (U3O8). (Reporting by Julie Crust; Editing by Lorraine Turner)
http://www.bloomberg.com/news/2011-08-11/china-guangdong-may-make-new-offer-for-kalahari-patersons-securities-says.html
BeantwoordenVerwijderenChina Guangdong May Make New Offer for Kalahari, Patersons Securities Says
By James Paton - Aug 11, 2011 1:41 PM GMT+0800
China Guangdong Nuclear Power Group Co. may bid again for Kalahari Minerals Plc (KAH), triggering an acquisition of uranium explorer Extract Resources Ltd. (EXT), after withdrawing an offer in May, Patersons Securities Ltd. said.
"The Chinese will be back," Simon Tonkin, senior resources analyst at Patersons, said by telephone today from Perth. "It's likely."
The U.K. Takeover Panel barred state-owned China Guangdong from lowering a March proposal of 290 pence a share that valued Kalahari at 756 million pounds ($1.2 billion), the London-based resource company said on May 10. Both companies had approached the panel with a price cut to 270 pence a share, after Japan's nuclear crisis slashed the value of Kalahari's 43 percent holding in Sydney-listed Extract.
China Guangdong can make a fresh bid from yesterday -- three months after the previous acquisition offer was denied -- under the U.K. rules, Tonkin said. A new offer for Kalahari may be about 250 pence a share, he said.
Shares of Kalahari climbed 4.8 percent yesterday to close at 218 pence in London trading, valuing the company at about 535 million pounds.
A telephone message left at the London office of Kalahari after hours wasn't immediately returned. John Gardner, a Sydney- based spokesman for Extract, declined to comment today. Six telephone calls to China Guangdong's public relations department seeking comment weren't returned.
Offer For Extract
With Kalahari owning 43 percent of Extract, Australian rules would normally require China Guangdong, the country's second-biggest atomic plant builder, to make an offer for Extract, Patersons said in March. Extract, which yesterday announced a 37 percent gain in reserves at its Husab project in Namibia, rose 0.4 percent to A$7.23 at 2:40 p.m. Sydney time, valuing the company at A$1.8 billion ($1.8 billion). The shares have fallen 23 percent this year, compared with a 13 percent decline in the benchmark S&P/ASX 200 Index.
An acquisition of Kalahari would give China Guangdong access to Extract's Husab project as China seeks uranium to increase nuclear power generation. Extract expects China will remain keen to expand its atomic power program after the March 11 earthquake and tsunami in Japan crippled the Fukushima Dai- Ichi plant north of Tokyo, Chief Executive Officer Jonathan Leslie said on March 23.
De koers van Extract blijft in deze moeilijke tijden verbazingwekkend stabiel, vaak bij forse omzetten.
BeantwoordenVerwijderenIk zou dus kunnen denken dat er een slimme grote opkoper bezig is om een groot belang te verwerven of om z'n belang uit te breiden.
Extract placed in trading halt amid Guangdong bid talk
BeantwoordenVerwijderen----------------------------
Extract Resources Ltd has been placed in trading halt pending the release of a statement to the market, amid reports Chinese giant Guangdong Nuclear Power is set to launch a $2.2 billion bid for the miner.
Shares Extract last traded 10.21 per cent higher at $8.86, before the company issued a statement saying it was seeking a halt.
The group will remain in a hat until the statement or the beginning of normal trade on Wednesday.
The move comes as Guangdong prepares a takeover offer for major Extract shareholder Kalahari Minerals, according to media reports.
Britain's Sunday Times has reported that state-owned Guangdong and Kalahari have re-entered talks on a deal that fell through following the Japanese earthquake and nuclear disaster.
A £675 million ($A1.087 billion) takeover bid for Kalahari could be wrapped up as early as this week, according to the report.
Should the bid be successful, Guangdong will be forced to bid for Extract under Australian takeover laws, as it will own over 20 per cent of the company, according to The Australian.
Kalahari is Extract's biggest shareholder, and owns 42.7 per cent of the company. Rio Tinto Ltd owns 14 per cent, as well as 11 per cent of Kalahari.
Guangdong's key target in the offer is Extract's planned Husab uranium project in Namibia, according to The Australian.
--------------------------
Bron: http://www.businessspectator.com.au/bs.nsf/Article/Extract-is-sights-of-Chinas-Guangdong-report-pd20111010-MGR7Y?OpenDocument&src=hp1
Hendrik,
BeantwoordenVerwijderenik neem aan dat er nu EINDELIJK een overnamegevecht gaat losbarsten; in ieder geval zal ik stomverbaasd zijn als dat niet gebeurt.
Wellicht wachten de concurrenten nog totdat er een formeel bod op tafel ligt.
Tot nu toe ben ik heel blij met mijn grote belang in EXT, want de koers is heel mooi blijven liggen, zeker in vergelijking met andere grondstoffen-aandelen.
Hoi Precies,
BeantwoordenVerwijderenJa ik hoop het ook. Alleen wie zegt dat men het niet overneemt tegen de huidige prijs van 8.82? Men is namelijk verplicht om óók een bod te doen op Extract vanwege Kalahari, maar ben niet helemaal op de hoogte of dit nou betekent dat men een bod moet uitbrengen of dat men net zo lang moet bieden totdat men ook Extract heeft. Je hebt gelijk wat betreft de waardestabiliteit; hoewel Extract al lange tijd een saaie jongen, wat nu in ons voordeel is I guess. Hopen dat deze trouwe aandeelhouder beloond wordt voor zijn geduld :-)
Tja Hendrik,
BeantwoordenVerwijderenals er geen concurrentie komt, dan heeft Guangdong het rijk alleen en kan dus een laag bod doen op EXT.
Het hangt ook af van de vraag of Guangdong de aandelen EXT echt wil hebben of alleen maar voor de vorm een bod doet (en de aandelen dus niet echt wil hebben).
Dit Chinese (staats)bedrijf weet natuurlijk donders goed dat als het bod te laag is, er een groot aantal zeer lastige mede-aandeelhouders overblijft.
Ik denk dat ze liever alle aandelen willen hebben en dan de beursnotering willen beëindigen.
In dat geval weten ze ook heel goed dat het eerste bod uiteindelijk flink verhoogd moet worden om succes te hebben.
Precies,
BeantwoordenVerwijderenBedankt voor je toelichting. We wachten het met spanning af..
Mon Oct 10, 2011 7:37pm EDT
BeantwoordenVerwijderen* Extract talks to regulator on possible Chinese bid
* No ruling yet on forcing Chinese to bid for Extract
* Chinese in talks to take over Extract's top shareholder
* Extract shares fall 1.2%
Oct 11 (Reuters) - Australian-listed uranium miner Extract Resources has held talks with the nation's securities watchdog about potentially forcing a Chinese nuclear-power generator to make a takeover offer for the $2 billion company.
State-owned China Guangdong Nuclear Power Corp (CGNPC) is negotiating to buy Extract's 43-percent shareholder, Kalahari Minerals , a deal that could in turn trigger a legal requirement for the Chinese firm to also buy out Extract.
Extract is Kalahari's main asset and is coveted for its Husab project in Namibia, which could become the world's second-largest uranium mine.
Extract said it had made submissions to the Australian Securities and Investments Commission (ASIC) about the implications of the CGNPC-Kalahari talks for the Australian firm, though it did not say what it had asked of the regulator.
"No ruling has yet been made by ASIC but, through its submissions, the company has sought to ensure that the interests of all Extract shareholders will be protected if this circumstance arises," Extract said in a statement.
The statement, which created some uncertainty over the regulator's position, sent Extract shares down 1.2 percent.
Under Australian rules, acquirers are required to make a full takeover offer when they buy up more than 20 percent of a listed company, but the regulator can grant exceptions.
Kalahari confirmed on Monday that CGNPC had restarted takeover talks after a deal earlier this year fell through in the aftermath of the Fukushima nuclear disaster in Japan.
Extract declined to comment on what terms and conditions it was seeking to force CGNPC to make a takeover offer.
Extract's shares jumped 10 percent to A$8.86 on Monday before they were put on a trading halt ahead of Kalahari's announcement in London.
The stock fell to a low of A$8.70, and was last down 1.2 percent at A$8.75, valuing the group at A$2.2 billion ($2.2 billion), when it resumed trading on Tuesday.
Storm in een glas water?
BeantwoordenVerwijderenUPDATE 1-Kalahari sees China's CGNPC bidding for Extract Resources
BeantwoordenVerwijderenWed Oct 26, 2011 11:52pm EDT
* Confident on raising $2 bln to fund Husab uranium mine
* Extract in advanced talks on Husab project finance
* Kalahari, Extract confident on outlook for uranium
* Namibia mines minister expects to grant Husab mining license
By Sonali Paul
PERTH, Oct 27 (Reuters) - Kalahari Minerals , major shareholder in uranium developer Extract Resources , expects its Chinese suitor would eventually make a takeover offer for Extract, a $2 billion company, if it goes ahead with a bid for Kalahari.
"I don't think there is any suggestion ever that they would not want to do that. It's a matter of timing I would have thought," Kalahari Chairman Mark Hohnen told reporters on the sidelines of the Commonwealth Business Forum.
State-owned China Guangdong Nuclear Power Corp (CGNPC) is in talks for a potential takeover of Kalahari, with an announcement due by November 11 on whether a deal will go ahead.
Kalahari's main asset is its 43 percent stake in Extract, coveted for its Husab uranium project in Namibia, which could become the world's second-largest uranium mine.
Under Australian rules, CNGPC would be required to make a full takeover offer once it owns more than 20 percent of Extract, but the securities regulator can grant exceptions.
Extract last traded at A$7.86 share, and earlier this year hit a high of A$10.80 a share on speculation of a Chinese bid. However Hohnen said based on the valuation implied by Rio Tinto's takeover offer for Hathor Exploration , Extract was worth A$16 a share.
"If you look at a see-through on what Rio Tinto's bid for Hathor was, that puts a price of A$16 on an Extract share," he said.
Kalahari and Extract's shares were knocked after the Fukushima disaster in Japan in March hit uranium demand, but the two companies remain confident that uranium demand will be strong in the medium- to long-term, underpinned by demand from China, India, South Korea and Russia.
"We think the fundamentals of the uranium market are very strong," Extract Chief Executive Jonathan Leslie said at the Commonwealth Business Forum.
The Husab mine is due to start producing in 2014, just when supply gap is expected to emerge with new nuclear power stations coming on line in China, he said.
Hohnen and Leslie said they were confident Extract would be able to raise the $2 billion needed to fund development of Husab, even in the current tough market, given the attractiveness of the project and its access to infrastructure.
"So from our perspective, we're really very, very relaxed. The stand alone option's a fantastic option," Hohnen said.
Extract is in advanced negotiations on project finance, Leslie said, adding that the only question is whether it would involve less debt and more equity financing.
"No one's give us any doubt you could get this away," Leslie said.
He said the company was talking to a range of players on project financing, including Japanese shareholder Itochu Corp .
"We've never confirmed that, but it wouldn't be surprising to talk to one of our major shareholders," Leslie said.
Extract had hoped to receive the mining license for Husab earlier this year, and still hopes to secure approval from the Namibian government by the end of 2011.
Namibia's Mines and Energy Minister Isak Katali said he saw no big hurdles to the mining license being approved.
"The process is on and there seem to be no major issues," Katali told Reuters in an interview.
"We believe the license will eventually be granted," he said, declining to put a time frame on it.
Extract waits on CGNPC bid
BeantwoordenVerwijderenKATE EMERY, The West Australian
November 10, 2011, 9:14 am
Months of speculation over a $2 billion-plus Chinese bid for Extract Resources could come to a head within days, with the uranium explorer placing its shares in a trading halt this morning ahead of an announcement by its 42.7 per cent shareholder, London-listed Kalahari Minerals.
China's CGNPC Uranium Resources is in talks with Kalahari about a friendly takeover and under UK Takeover Panel rules an update was expected by November 11.
Kalahari's major asset is its stake in Extract, owner of the Husab project in Namibia - one of the biggest undeveloped uranium deposits in the world.
Under Australian regulations, if CGNPC bids for Kalahari it will also be forced to bid for Extract on similar terms because it would breach the 19.9 per cent takeover threshold. However, the corporate regulator does have the right to grant exceptions.
A move by CGNPC may also force the hand of other would-be suitors, rumoured to include Rio Tinto, which holds stakes in Kalahari and Extract.
CGNPC and Kalahari Minerals were close to a £756 million friendly deal in March before the Fukushima nuclear disaster prompted the Chinese group to cut the price of its offer.
However, under British takeover law, CGNPC had to wait three months before it could table a new offer. That deadline expired in August.
Extract shares last traded at $7.90, valuing the company at $1.9 billion. In requesting a trading halt the group said it was waiting for a Kalahari announcement "relating to the discussions between CGNPC Uranium and Kalahari Minerals".
--------------------------------------
commentaar: Tjonge, jonge, gaat er er nu eindelijk echt iets gebeuren.....???
Kalahari Minerals says CGNPC deal worth 243.55 pence a share
BeantwoordenVerwijderen7:28 am by Ian Lyall
Earlier this year CGNPC-URC 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).
CGNPC Uranium Resources has tabled a 243.55 pence a share, or £611 million bid for Kalahari Minerals (LON:KAH).
The details of the revised price were revealed as the Kalahari said talks were still ongoing, but warned there was no certainty a final offer would be made.
Earlier this year CGNPC-URC 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).
A 270 pence offer, renegotiated in the wake of the Fukushima nuclear disaster, was blocked by the Takeover Panel and the deal fell through.
The Chinese renewed their interest last month with a new approach.
CGNPC-URC has until 5pm on December 8 to say whether it will formally lodge a takeover bid for Kalahari.
Extract is developing the world class Husab Uranium project in Namibia.
Today the Kalahari said: “ The board of Kalahari believes that CGNPC-URC's leading position in the Uranium sector makes it a suitable partner for the realisation of the full potential of the Husab Uranium project to the benefit of all stakeholders.”
---------------------------------------
commentaar: dit is natuurlijk een belachelijk flut-bod.
Het is niet de moeite waard om er zelfs maar over te praten, maar goed, wellicht is het een startpunt van een overnamestrijd.
En dat is ook de enige reden dat Kalahari nog in gesprek is met de Chinezen.
Tja die zien natuurlijk ook de macro economische situatie en de gunstigere uranium prijzen (mede door Japan).
BeantwoordenVerwijderenHoop dat mijn geduld in Extract een beetje beter beloond wordt als dit echter. 1 van de aandelen die ik al heel lang vast heb/houd.
Tja, ook de Chinezen zijn een groot voorstander van contrair kopen...
BeantwoordenVerwijderenBREAKING NEWS
BeantwoordenVerwijderen---------------
http://www.reuters.com/article/2011/12/08/kalahari-cgnpc-idUSL5E7N834Y20111208?feedType=RSS&feedName=basicMaterialsSector&rpc=43
UPDATE 2-Uranium miner Kalahari agrees to $990 mln China takeover
BeantwoordenVerwijderenThu Dec 8, 2011 10:00am EST
* Recommends offer worth 243.55 pence/share
* Deal boosts China efforts to meet energy needs
* Kalahari top shareholder in owner of Husab uranium mine
* Kalahari shares up 3 pct, below offer price
LONDON, Dec 8 (Reuters) - Kalahari Minerals, the top shareholder in one of the world's largest uranium projects, has agreed to be taken over by its state-owned Chinese suitor in a cash deal valuing it at 632 million pounds ($991 million).
In a purchase that will boost China's efforts to meet its growing energy needs, China Guangdong Nuclear Power Corp (CGNPC) will pay 243.55 pence for each Kalahari share.
That represents a premium of around 16 percent on the average closing price for Kalahari shares for the six months prior to March 4, before China announced its intention to bid, but it is below a current share price at around 241.6 pence, indicating a counter-offer is considered unlikely.
The company said in November that it was in talks with its Chinese suitor over an offer at the 243.55 price -- below the original offer on the table when the two first began discussing a deal in March, before Japan's Fukushima nuclear disaster.
In March, the two sides were in talks over a 290 pence per share offer. Efforts to cut that price level to 270 pence after Fukushima were rejected by Britain's Takeover Panel, which demanded a six month interval before a fresh offer was made.
After confirming its continuing interest in Kalahari last month, CGNPC had faced a deadline of 1700 GMT on Thursday to either confirm its offer or withdraw.
"In the light of the unexpected circumstances in Japan and their impact on uranium equities, the Kalahari directors recognise the altered market dynamic and subsequently view the Offer from CGNPC-URC as attractive," Mark Hohnen, Kalahari's Executive Chairman said on Thursday.
"The Kalahari directors view CGNPC-URC as an excellent partner for the realisation of the full potential of the Husab uranium project to the benefit of all stakeholders."
CGNPC, which has been seeking new sources of uranium supply, said its offer was conditional on shareholders representing at least 50 percent of shares taking up the offer. It already has letters of intent from investors representing 3.9 percent.
Kalahari's key asset is a 42.74 percent interest in Extract Resources , the owner of the Husab uranium project in Namibia.
Husab is potentially the second-largest uranium mine in the world. Exploration work is continuing on the project, currently the world's fourth-largest uranium-only deposit, with an updated resource estimate due next year.
Under Australian rules, CGNPC would be required to make a full takeover offer once it owns more than 20 percent of Extract, but the securities regulator can grant exceptions.
Trading in Extract Resources was halted in Australia on Thursday ahead of the CGNPC statement.
Rio Tinto holds an 11 percent stake in Kalahari and 14 percent of Extract.
Extract and Rio Tinto have been discussing combining the Husab project with Rio Tinto's neighbouring Rossing uranium mine, and analysts see the global miner potentially working with the Chinese in Namibia.
Precies; benieuwd naar je visie in deze zaak.
BeantwoordenVerwijderenAnoniem,
BeantwoordenVerwijderenik heb geen visie in deze zaak.
Het enige wat we kunnen doen is hopen op een korte, maar zeer hevige biedingsstrijd.
Anders worden we genaaid.
Het zou trouwens wel erg leuk zijn als Cameco een bod doet als wraak voor het verloren biedingsgevecht om Hathor.
Gekopieerd van een ander forum:
BeantwoordenVerwijderenHet zou ergens staan in de bid formulieren gericht aan Kalahari.
''The Kalahari Directors have advised CGNPC-URC and Taurus that Kalahari will not accept the Extract Offer made in respect of its Extract Shares.''
Ze geven groen licht aan de overname m.b.t. tot Kalahari maar ze staan niet achter de ''downstream bid'' van Extract die er waarschijnlijk komt. Als ik het allemaal goed lees.
Ik heb ook het gevoel dat Rio Tinto al lang een deal hebt gesloten met de Chinezen. Ik denk dat we het moeten hebben van andere partijen zoals Areva, Cameco, India enz.
G-Member,
BeantwoordenVerwijdereneen soort geheime deal sluiten met de Chinezen (door Rio Tinto, lijkt mij zeer moeilijk en zeer riskant, er gaat immers voortdurend van alles fout bij Chinese overnames.
Er is bovendien geen enkele noodzaak voor zo'n deal.
Als Rio echt zou willen samenwerken met de Chinezen, dan zouden ze beter samen een bod kunnen doen.
Ik vrees het ergste. Bedrijven nemen in tijden van crisis (oftewel alertheid) minder snel "wraak". Dus of Cameco nu ineens eerwraak wil gaan nemen voor Hathor, dat betwijfel ik. Aan de andere kant KUNNEN ze serieuzer gaan bieden dan bij Hathor, nu ze weten dat ze niet zomaar een deal hebben.
BeantwoordenVerwijderenMining licence granted for Namibian uranium project
BeantwoordenVerwijderenAndrew Topf | December 1, 2011
Kalahari Minerals (LON:KAH) and Extract Resources (ASX:EXT) were both up slightly today after the companies announced they have received a mining licence for their Husab uranium project in Namibia.
London-listed Kalahari has a 42.7% stake in Extract.
Kalahari said in a press release that the mine lease, valid for 25 years, will allow the project to move into production and establish Husab as one of the three largest uranium mines in the world.
The company states the mine would produce 15 million pounds of U3O8 per year through open-pit mining. The deposit has a resource estimate of 500 million pounds U3O8.
China Guangdong says Extract Resources worth A$8.65/share
BeantwoordenVerwijderenSYDNEY | Thu Dec 8, 2011 5:40pm EST
Dec 9 (Reuters) - China Guangdong Nuclear Power Corp (CGNPC) on Friday valued its offer for Australia's Extract Resources at A$8.65 per share after agreeing to buy Kalahari Minerals, the top shareholder in Extract.
Kalahari Minerals has already agreed to be taken over by China Guangdong Nuclear in a cash deal valuing it at 632 million pounds ($991 million).
Extract is the owner of the Husab uranium project in Namibia.
UPDATE 2-CGNPC eyes $2.2 bln Extract bid after Kalahari deal
BeantwoordenVerwijderenThu, Dec 8 2011
* CGNPC proposed Extract offer les than some estimates
* Seen as first move that could attract rival Rio offer
* Extract says it is not party to any talks yet
* Says independent board to study latest CGNPC move
By James Regan
SYDNEY, Dec 9 (Reuters) - China Guangdong Nuclear Power Corp (CGNPC) will offer $2.2 billion for Australia's Extract Resources if its agreed deal to buy Extract's top shareholder proceeds, a move that could kick off a bidding war for one of the world's largest uranium discoveries.
CGNPC issued details of the proposed offer late on Thursday after it agreed to buy Kalahari Minerals, the top shareholder in Extract, for $990 million.
CGNPC, which has been seeking new sources of uranium supply, wants to buy Kalahari for its 42.7 percent interest in Extract , which owns the Husab uranium project in Namibia.
Husab is potentially the second-largest uranium mine in the world and has also attracted the attention of sector heavyweight Rio Tinto . Rio holds 14 percent of Extract's shares and 11.5 percent of Kalahari.
Under Australian rules, CGNPC is required to make a full takeover offer once it owns more than 20 percent of Extract, but the securities regulator can grant exceptions.
Shares of Extract Resources rose 41 cents to A$8.50 a share after coming off a trading halt, 5 percent above its last trade before the halt, but still under the A$8.65 per share value placed on the company by CGNPC, a state-owned Chinese entity.
The stock last traded above A$8.65 on Oct 10, according to Reuters data.
Rhys Bradley, an analyst for stockbrokerage Patersons, said he was maintaining a A$9.53 per share target on Extract given the potential for a counterbid by Rio, which already majority owns Namibia's nearby Rossing uranium mine.
"The best situation is for Rio to be that other party that comes along and makes a bid," Bradley said. "That's why we are keeping our target price for Extract at A$9.53."
SUPLIES SOUGHT
Despite concerns uranium consumption would suffer following the Fukushima nuclear disaster in Japan last March, potential new sources of supply are garnering widespread interest.
Rio last week succeeded in its C$654 million ($646.50 million) takeover of Canadian uranium prospector Hathor after Cameco Corp withdrew a rival offer.
Rio is also helping underwrite an A$500 million share issue to fund exploration work at Energy Resources Australia, which it majority owns.
Other possible suitors include BHP Billiton, which is in the early stages of investing an estimated $20 billion-$30 billion to expand its Olympic Dam mine, which would include quadrupling uranium production.
"The independent directors of Extract are working carefully to assess the details of the proposed offer and will consider all available alternatives for maximising shareholder value," Extract's chief executive, Jonathan Leslie, said in a statement.
"Since the initial announcement of talks between Kalahari and CGNPC, we have sought to ensure that Extract shareholders would be protected if an offer was to be made for Kalahari," he said.
Exploration work is continuing on the Husab project, with an updated resource estimate due next year.
Extract said it had not been party to the negotiations over the Kalahari offer or the proposed Extract offer, including the offer price.
The proposed offer price of A$8.65 for Extract is derived from the $990 million agreed cash offer for Kalahari. Analysts had earlier estimated an offer for Extract would be worth a minimum A$8.75 and A$9 a share.
An offer by CGNPC for Extract was conditional on Kalahari extracting agreements for at least 50 percent of Kalahari's shares. It holds letters of intent from investors for about 3.9 percent.
Commentaar: 2,2 miljard voor Extract komt ruwweg neer op 4,40 per pond. HAT kostte ca 12/13 per pond.
BeantwoordenVerwijderenDit terwijl de levensduur en de winstgevendheid van Extract vele malen beter zijn.
De partijen weten ook donders goed dat er nog minstens een half miljard pond extra onder het zand ligt.
Vooral Rio en Areva kunnen heel hoog bieden omdat ze al een Ur-fabriek vlakbij hebben en dus in feite direct zonder extra vergunningen kunnen beginnen.
De kans is ook groot dat de nieuwe mijn hun personeel gaat wegkopen.
Voor Cameco is dit een unieke kans om in een grote klap een positie te verwerven in Afrika/Namibië met vooral afnemers in Azië.
Als BHP Billiton niet alleen afhankelijk wil zijn van hun Olympic Dam mijn, dan krijgen ze nu een unieke kans.
Dus je bent als een idioot aan het bijkopen?
BeantwoordenVerwijderenHendrik,
BeantwoordenVerwijderenik heb nog steeds een heel groot belang (relatief gezien), ik koop dus niet bij, maar wacht rustig af tot de laatste gang geserveerd is.
Het is eigenlijk te triest voor woorden inzake Extract/Kalahari.
BeantwoordenVerwijderenExtract heeft meer uranium reserves toegevoegd, de gemiddelde graad is verbeterd, en de laatste hobbels zijn weggenomen (mijn licentie, Epangelo deal) sinds het laatste ''possible bid'' van de Chinezen van 290 Pence.
Hohnen kan niet meer wachten en gokt op een biedingsstrijd. Ik geloof dat ik ergens heb gelezen dat mocht er geen tegenbod komen van een andere partij binnen 30 dagen, hij en zijn companen het moeten verkopen tegen 243.55 Pence. In de clausule zou ook staan dat een tegenbod van een andere partij dat minimaal 5% hoger ligt dan de Chinezen ze niet meer gebonden zijn aan CGNPC.
We zullen het zien...
Hohnen opperde laatste nog in een interview dat op basis van uraniumreserves Extract 16 AUD waard zou zijn in vergelijking met Hathor.
BeantwoordenVerwijderenExtract to 'Urgently' Resume Partner Talks After China Bid
BeantwoordenVerwijderenBy Jesse Riseborough - Dec 9, 2011 6:35 PM GMT+0800
Extract Resources Ltd. (EXT), owner of the world's fourth-largest uranium deposit, will "urgently" resume talks with potential partners as a A$2.2 billion ($2.2 billion) takeover bid from China looms following an offer yesterday to buy its biggest shareholder.
Australian regulators have ruled that state-owned China Guangdong Nuclear Power Group Co. must offer A$8.65 a share for Extract should the Chinese company's 632 million-pound ($988 million) bid for Kalahari Minerals Plc (KAH) succeed. London-based Kalahari, whose shareholders have recommended the Chinese bid, owns 43 percent of Extract.
"At no stage have we ever been restricted from talking to anyone, so we have continued to have those partnership discussions and we are going to be resuming those as a matter of urgency," Jonathan Leslie, chief executive officer of Perth- based Extract, said in a phone interview from London today.
Extract's search for a partner to help develop its Husab uranium deposit, which has been estimated to cost about $1.7 billion, were slowed following the announcement of talks between Guangdong Nuclear and Kalahari in March, Leslie said. "We've got existing contacts with all the major players in the uranium industry, and the very fact that this offer has taken place shows the strategic importance of it."
Rio Tinto
Rio Tinto Group (RIO), the world's third-biggest mining company and owner of the Rossing mine adjacent to Extract's Husab, is unlikely to make a rival bid as it may partner with Guangdong Nuclear in developing the asset should it be successful, BMO Capital Markets analyst Edward Sterck said yesterday.
Rio owns 14 percent of Extract and 11.5 percent of Kalahari, according to data calculated by Bloomberg. Extract in February said it was in talks with London-based Rio about merging the companies' uranium projects in the African nation.
"We've continued to have discussions but the particular structure we were looking at then has been put on hold," Leslie said today. It would be "very surprising" if Rio weren't part of renewed partnership talks, and Extract's other major shareholder, Tokyo-based Itochu Corp. (8001), was part of such discussions earlier, he said.
Rio's Rossing mine is the third-biggest producer of uranium, accounting for about six percent of global supply, according to World Nuclear Association figures. Husab is about 7 kilometers (4.4 miles) from Rossing and 30 kilometers from Paladin Energy Ltd.'s Langer Heinrich project.
Tony Shaffer, a London-based spokesman for Rio Tinto, declined to comment.
"When we have discussions with people they know exactly what those parameters are now," Leslie said today. "We are going to certainly look at all alternatives."
Heb net een artikel geplaatst maar zal wel weer in het spam bak terecht gekomen zijn :-)
BeantwoordenVerwijderenG-Member,
BeantwoordenVerwijderenik heb je bericht uit het spam-vak gehaald, evenals een bericht voor het Oliezand-draadje.
Ik heb totaal geen idee waarom sommige berichten in het spam-vak terechtkomen.
Thnx Precies.
BeantwoordenVerwijderenJouw blog wordt gefilterd op ''persona nog grata''
lol.
G-Member,
BeantwoordenVerwijderenik denk eerder dat 'member' als een vies woord wordt aangemerkt...!!!
lol
@ Precies.
BeantwoordenVerwijderenHahahaha, dat zal het wel zijn.
Heeft iemand trouwens nog wat van MarkH vernomen?
Of heb ik je blog niet goed uitgepluist.
Proposed downstream cash offer for Extract by CGNPC-URC and CADFund
BeantwoordenVerwijderenFri, Dec 9, 2011 9:56 AM EST
Symbol Price Change
EXT.TO 8.99 +0.00
TORONTO, Dec. 9, 2011 /CNW/ - Extract Resources Ltd (ASX/TSX/NSX: EXT) ("Extract" or "the Company") notes the announcement by Taurus Mineral Limited ("Taurus"), an entity owned by CGNPC Uranium Resources Co., Ltd. ("CGNPC-URC") and The China-Africa Development Fund ("CADFund"), of a recommended cash offer for Kalahari Minerals plc ("Kalahari"), Extract's 42.74% shareholder, at a price of 243.55 pence per Kalahari share (the "Kalahari Offer"). The Taurus announcement includes a proposal to make a downstream cash offer to Extract shareholders of A$8.65 per Extract share (the "Extract Offer"), if Taurus receives acceptances of the Kalahari Offer in respect of more than 50% of the voting rights in Kalahari.
Extract has not been party to the negotiation of the terms of the Kalahari Offer or the proposed Extract Offer, including in relation to the offer prices. The Extract Independent Directors intend to carefully review the details of the proposed offers and consider all available alternatives for maximising shareholder value before making any recommendation to Extract shareholders.
In the meantime, Extract shareholders are advised to TAKE NO ACTION and await further guidance from the Extract Independent Directors.
The Kalahari Offer
The announcement by Taurus represents a firm intention to make an offer for Kalahari under the Rule 2.7 of the City Code on Takeovers and Mergers (UK) at a cash price of 243.55 pence per Kalahari share.
The Kalahari Offer is subject to certain conditions, including (inter alia):
Taurus receiving valid acceptances of the Kalahari Offer in respect of more than 50% of the voting rights in Kalahari;
Kalahari not disposing of its shares in Extract during the Kalahari Offer period or voting in favour of any transaction that would result in Kalahari's shareholding in Extract being materially diluted;
the Government of Namibia not withdrawing, rejecting or adversely amending any of Extract's mining or exploration licences;
Namibian Competition Commission approval; and
no material adverse change to the value of Extract's assets occurring as a direct result of any act or omission of Kalahari.
The Kalahari Offer will open for acceptance once offers have been dispatched to Kalahari shareholders, which must take place within 28 days of the announcement by Taurus.
The Proposed Extract Offer
Since the announcement of a possible offer for Kalahari in March 2011, Extract has been actively engaged in a consultation process with the Australian Securities and Investments Commission ("ASIC") to ensure that the interests of all Extract shareholders are protected in the event that an offer is made for Kalahari. This included Extract making submissions to ASIC around the potential requirement for, and terms and conditions of, a downstream offer for Extract.
ASIC has made declarations under section 655A(1)(b) of the Corporations Act 2001 (Cth) ("Corporations Act") modifying the application of certain provisions of Chapter 6 of the Corporations Act to Taurus and its related parties. Under these declarations Taurus has been granted relief to acquire an interest of more than 20% of Extract's shares ("ASIC Relief") subject to certain conditions.
Extract is pleased to note that the conditions of the ASIC Relief granted to Taurus (and its related parties) include a requirement that Taurus proposes to make an off-market takeover bid to acquire all Extract shares under Chapter 6 of the Corporations Act, if it receives valid acceptances of the Kalahari Offer in respect of more than 50% of the voting rights in Kalahari. Furthermore, the price to be offered to Extract shareholders must be clearly and accurately determined from the price offered to Kalahari shareholders.
Extract Offer Price
2)
BeantwoordenVerwijderenUnder the Extract Offer, Extract shareholders will be offered cash consideration of A$8.65 per Extract share. The Extract Offer price is the "see-through" price derived from the implied value of Kalahari's shareholding in Extract (on a fully diluted basis) at the Kalahari Offer price of 243.55p.
Taurus's announcement contains the formula used to calculate the Extract Offer price. Extract has been provided with the opportunity to make submissions to ASIC in relation to the proposed formula and considers that the formula results in an effective Extract Offer price that is clearly and accurately determined from the price offered to Kalahari shareholders.
Timing of the Extract Offer
Under the conditions of the ASIC Relief, offers must be dispatched to Extract shareholders within four weeks of Taurus having received acceptances under the Kalahari Offer representing more than 50% of the voting rights in respect of Kalahari. Furthermore ASIC has declared that the Extract Offer must be made within 116 days of Taurus's announcement of the proposed downstream Extract Offer. Extract notes that these are the maximum timeframes set out under the ASIC Relief, and an Extract Offer could occur prior to these dates.
Under section 624(1)(b) of the Corporations Act, the Extract Offer must remain open for a minimum of one month. A condition of the ASIC Relief is that the Extract Offer must also remain open for at least two weeks after the date which is the later of:
the date on which Taurus becomes unconditionally entitled to shares carrying more than 50% of the voting rights in Kalahari; or
the date on which the Kalahari Offer is free of conditions.
Extract Offer Conditions
Under the conditions of the ASIC Relief, the Extract Offer must be conditional only on:
Taurus becoming unconditionally entitled to shares carrying more than 50% of the voting rights in Kalahari; and
an event or circumstance referred to in section 652C(1) or section 652C(2) of the Corporations Act (i.e. certain prescribed occurrences) not happening.
Extract notes that the relatively low level of conditionality associated with the Extract Offer means that Extract shareholders will not be disadvantaged versus Kalahari shareholders.
Other
A condition of the ASIC Relief is that Taurus must declare the Extract Offer free of all conditions before completion of any contracts arising from acceptances under the Kalahari Offer.
Importantly, the ASIC Relief only modifies and varies section 611 and section 631(1) of the Corporations Act. All other provisions of Chapter 6 remain intact.
A copy of the ASIC Relief instrument is attached to this announcement.
Husab Uranium Project
As announced on 1 December 2011, the Ministry of Mines and Energy of the Republic of Namibia has now issued a Mining Licence for development of Extract's Husab Uranium Project ("Husab"). The issue of the Mining Licence represents the final stage to achieving all of the material permits Extract requires in order to develop the project.
Through the ongoing partnership process, the Company has received a strong level of interest in Husab from potential strategic investors. These discussions are continuing and include a range of possible investment structures. The nature and level of interest received has confirmed Husab's status as a world class and highly strategic asset.
The company intends to continue discussions regarding debt financing of the project and potential offtake arrangements to underpin its development. Plans for delivery of access, power and water infrastructure are also well advanced, while the Mine Optimisation and Resource Extension (MORE) programme continues to deliver results that increase the mine life through definition of further reserves, and that optimise the design of the processing plant and mining operations.
Extract is being advised by Rothschild and Clayton Utz.
Chinese set Feb 2 deadline on Kalahari bid
BeantwoordenVerwijderenThu Jan 5, 2012 6:04pm EST
Jan 5 (Reuters) - China Guangdong Nuclear Power Corp (CGNPC) has set a Feb 2 deadline on its offer for Kalahari Minerals, which could trigger a $2.2 billion bid for Kalahari's Australian subsidiary Extract Resources Ltd as early as March.
Under a deal announced in December, the Chinese state-owned firm has said it would launch an A$8.65 a share offer for Extract Resources within four weeks of receiving acceptances to 50 percent of Kalahari.
Extract's shares last traded at A$8.47, 2 percent below the proposed offer, reflecting the uncertain timeframe for the bid.
CGNPC, seeking new sources of uranium supply, wants Kalahari for its 42.7 percent stake in Extract, which is developing the Husab uranium project in Namibia.
Husab is potentially the second-largest uranium mine in the world.
Key to any deal will be global miner Rio Tinto and Japan's Itochu Corp, which together effectively own one-third of Extract through their stakes in the company and its parent, Kalahari.
Rio Tinto has held talks with Extract on combining the Husab project with its neighbouring Rossing uranium mine.
Extract directors reiterated they are "continuing to review all available opportunities maximise shareholder value".
Nou weet iemand al wat meer?
BeantwoordenVerwijderenNamibia approves possible China takeover of Extract
BeantwoordenVerwijderenMELBOURNE | Tue Jan 10, 2012 5:22pm EST
Jan 11 (Reuters) - Namibia has approved a possible $2.2 billion Chinese takeover of Extract Resources , which is developing the Husab uranium mine in the southern African nation, the Australian company said on Wednesday.
China Guangdong Nuclear Power Corp (CGNPC) is bidding to take over Extract's 42.7 percent owner Kalahari Minerals and has committed to making a bid for Extract if it gets to more than 50 percent control of Kalahari.
Ja dat las ik dus. Maar hoop stiekem op een nieuw bod
BeantwoordenVerwijderenHendrik,
BeantwoordenVerwijderenik geloof nog steeds niet dat de Chinezen als enige een bod gaan doen op dit absoluut unieke bedrijf en ik geloof ook niet dat de grote aandeelhouders van KAH en EXT hun aandelen voor dit flutbod gaan aanbieden.
Deadline is 2 februari in ieder geval. We shall see.
BeantwoordenVerwijderenAls er nog een hoger bod op Kalahari zou moeten komen, moet men wel snel zijn. Volgende week loopt de termijn af. Ik ga niet meer uit van een hoger bod. Het is inderdaad zeer de vraag of de grote partijen gaan aanmelden. Mocht het bod niet gestand worden gedaan, zonder uitzicht op een hoger bod, zal de koers wel wat zakken. Dat lijkt me een ongunstige situatie. Ook Extract zal dan onder druk komen, er kan zo 25% van de prijs af.
VerwijderenIk denk dat ik komende week maar eens wat ga verkopen.
Andere meningen?
Robert
Robert,
Verwijderenals het bod mislukt door te weinig aanbieders, dan zal het ongetwijfeld verhoogd worden, de Chinezen hebben zoveel moeite gedaan, die gaan echt niet zomaar weglopen in het zicht van de haven.
De deadline is trouwens met 2 weken he!
VerwijderenUpdate Regarding Proposed Downstream Offer for Extract Resources
BeantwoordenVerwijderen-------------------------------------
SOUTH PERTH, Australia, Jan. 23, 2012 /CNW/ - Extract Resources Ltd (ASX/TSX/NSX: EXT) ("Extract" or the "Company") notes the announcement on the London Stock Exchange by Taurus Mineral Limited ("Taurus") advising that Taurus had received valid acceptances of its offer for Kalahari Minerals ("Kalahari") representing approximately 29.4 per cent of the existing issued share capital of Kalahari.
Under the terms of the relief granted to Taurus by the Australian Securities and Investments Commission ("ASIC"), Taurus must proceed with making an off-market takeover offer to all Extract shareholders within four weeks of Taurus having received acceptances of the Kalahari offer in respect of more than 50% of the voting rights in Kalahari.
Extract's Independent Directors intend to make a recommendation in relation to the Taurus offer for Extract once such an offer is made. In the meantime, Extract's Independent Directors are continuing to actively investigate all available alternatives that could maximise value for all Extract shareholders.
A copy of the Taurus announcement "Offer Update" is available at www.sedar.com.
-------------------------------------
About Extract Resources
Extract Resources Ltd is an international uranium exploration and development company whose primary focus is in Namibia. The company's principal asset is its 100%-owned Husab Uranium Project which contains the fourth largest uranium only deposit in the world. Extensive exploration potential also exists for new uranium discoveries in the region. Extract Resources is listed on the Australian (ASX), Toronto (TSX) and Namibian (NSX) Stock Exchanges.
Bij ieder bod, waarvan beleggers denken, dat er een hoger bod komt, staat de koers hoger dan de biedkoers. Ook roeren grote beleggers zich. Als Extract het bod te laag zou vinden, zou men voor het aflopen van de termijn bij Kalahari dat moeten melden. Niets van dit alles.
VerwijderenHet lijkt er op dat de grote partijen achter de schermen een overeenkomst hebben gesloten, bijv. over samenwerking met Rossing, waar het Rio over te doen is.
Ik denk dus niet dat er een hoger bod gaat komen.
De vraag is of het dan zinvol is niet aan te melden, bijeen na-aanmelding kan dat dan altijd nog, maar als ze 51% aangemeld krijgen, en ze laten het daarbij, dat lijkt me minder aangenaam.
Precies, ga jij aanmelden?
Robert
Robert en Hendrik,
Verwijderenhet gaat zoals door mij verwacht: ze krijgen met huidige bod geen meerderheid bij KAH.
Als ik KAH had dan zou ik nu zeker niet aanmelden, ik heb echter alleen nog EXT.
Ik acht de kans 90% dat de Chinezen het bod gaan verhogen of dat er een concurrerend bod komt. Ik geloof niet in een deal achter de schermen met Rio, dat is gewoon te ingewikkeld.
Bij aanmelding van iets meer dan 50%, blijft de beursnotering gewoon bestaan.
Ik verwacht zeker nog een bericht van EXT, o.a. over de reserves.
Nog wat vergeten:
VerwijderenAangezien de Chinezen een gruwelijke hekel hebben aan gezichtsverlies en het dus niet kunnen maken om weg te lopen met helemaal niks, geloof ik dat ze slechts 2 keuzes hebben:
1) genoeg nemen met een minderheidsdeelname in KAH
2) het bod zodanig verhogen dat ze in ieder geval meer dan 50% van de aandelen krijgen
Helaas komt mijn verwachting uit. Het bod gaat slagen. Ik heb inmiddels mijn kleine Kah. belang verkocht alsmede de helft van het zeer grote Extract belang. Gewoon voor de zekerheid.
VerwijderenRobert
Jan 31 (Reuters) - Miner Rio Tinto has accepted China Guangdong Nuclear Power Corp's (CGNPC) bid for its 11.1 percent stake in Kalahari Minerals, a top shareholder in one of the world's largest uranium projects.
CGNPC, which has been seeking new sources of uranium supply, wants to buy Kalahari for its 42.7 percent interest in Extract , which owns the Husab uranium project in Namibia.
CGNPC, whose offer for Kalahari closes on Feb 2, has said it would make an offer for Extract if it won acceptances for at least 50 percent of Kalahari's shares. It is under no obligation to extend the offer if it does not cross the threshold.
Rio, which also holds 14.2 percent of shares in Extract Resources, said it would make a decision on whether to accept any offer for its shares in Extract in due course.
Robert,
Verwijderenhet lijkt er inderdaad sterk op dat je gelijk gaat krijgen en dat Rio denkt te kunnen gaan samenwerken met de Chinezen.
De grote vraag blijft hoeveel van Kalahari ze in handen krijgen en of het bod niet alsnog moet worden verhoogd, er zijn immers nog veel meer grote aandeelhouders in KAH en EXT die zich niet zoals Rio als een mak schaap laten slachten.
Ik blijf gewoon zitten in Extract, desnoods tot het laatste moment en ook als er geen bod komt op EXT.
Ik ook!
VerwijderenChina secures Kalahari, paves way for Extract bid
BeantwoordenVerwijderenFri Feb 3, 2012 3:53am EST
* Chinese firm wins acceptances from 89.5 pct of Kalahari shares
* Said it would bid for Australia's Extract after securing Kalahari
Feb 3 (Reuters) - China Guangdong Nuclear Power Corp (CGNPC) declared its offer for Kalahari Minerals unconditional on Friday, paving the way for it to launch a takeover bid for Extract Resources, owner of one of the world's largest uranium mines.
CGNPC, which is bidding with the China-Africa Development Fund, said on Friday it now held 89.5 percent of Kalahari shares, having said in the past that if it passed the 50 percent threshold, it would proceed with a subsequent offer for the miner's prize, Australian-listed Extract.
Extract, 42.7 percent-owned by Kalahari and operator of the giant Husab uranium project in Namibia, is the ultimate target for the Chinese company, which wants to boost access to uranium supplies.
The Chinese firm agreed to buy Kalahari Minerals, the top shareholder in Extract, for $990 million in December.
Rio Tinto was a shareholder in Kalahari before accepting the Chinese bid. The miner also owns a 14.2 percent stake in Extract and owns the Rossing mine which neighbours Husab in Namibia.
Husab is potentially the second-largest uranium mine in the world, and Rio Tinto has been in talks with Extract to combine its neighbouring Rossing mine, the world's longest-running open pit uranium mine, with Husab.
Update on Proposed Offer for Extract Resources
BeantwoordenVerwijderenMonday, February 06, 2012 9:15 AM
SOUTH PERTH, Australia, Feb. 6, 2012 /CNW/ - Extract Resources Ltd (ASX/TSX/NSX: EXT) ("Extract" or the "Company") notes the announcement by Taurus Mineral Limited ("Taurus") that it has received acceptances under its offer for Kalahari Minerals ("Kalahari") in respect of 89.5% of the existing issued share capital of Kalahari and declared the offer for Kalahari wholly unconditional.
Under the terms of the relief granted to Taurus by the Australian Securities and Investments Commission ("ASIC"), Taurus must now proceed with making the proposed all-cash A$8.65 per share takeover offer for Extract (the "Extract Offer") by no later than March 1, 2012. Once offer documentation (in the form of a Bidder's Statement) has been dispatched by Taurus to Extract shareholders, the Extract Offer must then remain open for a minimum of one month.
Under the terms of the ASIC relief, Taurus is also required to declare the Extract Offer free from any outstanding conditions by no later than February 16, 2012 in order to satisfy contracts under the offer for Kalahari.
Extract's Independent Directors intend to make a recommendation to shareholders once they have had an opportunity to review and evaluate the Taurus Bidder's Statement and there is an offer for Extract shareholders to consider.
In the meantime, shareholders are advised to take no action and await further guidance from the Extract Independent Directors, who are continuing to actively investigate whether there are any available alternatives that could maximise value for Extract shareholders.
Enigszins teleurstellend
VerwijderenPrecies jij nog een verfrissend inzicht in deze zaak?
VerwijderenNee
VerwijderenExtract Resources directors recommend $2.4 billion Chinese bid
BeantwoordenVerwijderenSYDNEY | Thu Mar 1, 2012 2:17am EST
(Reuters) - The independent directors of Extract Resources (EXT.AX), owner of one of the world's largest uranium mines, have backed a takeover offer from China Guangdong Nuclear Power Corp (CGNPC)that values it at A$2.2 billion ($2.38 billion).
The recommendation for the A$8.65 a share offer, was made after Extract failed to uncover any rival bidders and takes CGNPC a step closer to winning control of the giant Husab uranium project in Namibia.
"After a lengthy and exhaustive process, as at today, no alternative and superior proposal has been received, nor are there any discussions underway with third parties," Extract said in a statement.
In a complex deal, CGNPC -- which is bidding with the China-Africa Development Fund -- initially offered $990 million for Kalahari Minerals (KAH.L), which owns 42.7 percent of Extract. It launched a bid for Extract last month after winning control of Kalahari.
Rio Tinto, which owns a 14 percent stake in Extract, had no immediate comment on whether it would accept the offer. The global miner had previously accepted the Chinese offer for a stake it held in Kalahari.
Husab is potentially the second-largest uranium mine in the world, and Rio Tinto has been in talks with Extract to combine its neighboring Rossing mine, the world's longest-running open pit uranium mine, with Husab.
Extract shares ended flat at A$8.60 in a broader market .AXJO that fell 1 percent. ($1 = 0.9255 Australian dollars)
Helaas.....geen bidding war....zie ik toch vaker zodra een chinees bedrijf betrokken is bij een deal. De "rest" blijft er dan vanaf. Afijn, het is mijn grootste % winst ooit. Binnenkort kan ik het geld gebruiken voor aankoop van bv Afren. Zit te wachten op een dipje tot ongeveer 125 en dan inslaan ;)
VerwijderenJustme
Exact dezelfde situatie hier!
VerwijderenHoe werkt zoiets eigenlijk? Verkoopt de bank automatisch je aandelen oid? De aandelen staan nu op $8.60, maar waarom zou ik ze nu al niet verkopen, op het verschil met die 5 cent na?
VerwijderenAnoniem,
Verwijderenje kunt ze gewoon nu al verkopen, zoniet dan vraagt de bank gewoonlijk of je wilt aanbieden.
Vaak zijn er dan geen of lagere verkoopkosten.
Als je het geld niet direct nodig hebt kun je beter op het bod wachten.
do 01 mrt 2012, 20:23
BeantwoordenVerwijderenFrans kernenergiebedrijf Areva in het rood
PARIJS (AFN) - Het Franse kernenergiebedrijf Areva is in 2011 in de rode cijfers beland, onder meer door kosten voor vertraagde projecten. Dat bleek uit resultaten die het staatsconcern donderdag publiceerde.
Areva leed een nettoverlies van 2,4 miljard euro, tegen een winst van 883 miljoen euro een jaar eerder. Het concern kampte met vertragingen bij de bouw van twee nieuwe generatie kerncentrales. Ook moest het bedrijf forse afschrijvingen doen op uraniummijnen in Zuid-Afrika die in 2007 werden overgenomen, maar nog steeds geen uranium produceren.
De totale orderportefeuille groeide licht tot 45,6 miljard euro, maar de omzet zakte met bijna 3 procent tot 8,9 miljard euro. Areva kampte met afzeggingen van orders na de kernramp in het Japanse Fukushima in maart 2011. Alleen het onderdeel van Areva voor recycling en schoonmaak van kernmateriaal wist vorig jaar een operationele winst te boeken.
Areva heeft 2,5 miljard betaald voor een flut-mijn die nog steeds niet produceert.
VerwijderenDe Chinezen hebben echt een koopje: ze betalen slechts 3,4 miljard voor een mijn die ca 10 keer zo veel Ur heeft met veel hogere grades.
Het lijkt erop dat de niet-Chinese mijnbouwers allemaal bang geworden zijn na Fukishima.
Ik heb zojuist een brief van ABN gekregen. Zie echter dat ik niet op het bod hoef in te gaan.
BeantwoordenVerwijderenIs het advies van Extract dan ook simpelweg een advies?
Hendrik,
Verwijderenblijkbaar wel, is ook logisch want het is geen fusie.
Bij niet-aanmelden wordt je uitgerookt.
Uitgerookt?
VerwijderenWat houdt dat in?
Verwijderen'Uitroken' is een ander woord voor 'gedwongen uitgekocht worden' dmv een juridische procedure die meestal mogelijk is als een aandeelhouder 90 of 95% van de aandelen in bezit heeft en de notering wordt beëindigd.
VerwijderenIn NL gebeurt dat bij bijna alle biedingen omdat vrijwel nooit 100% wordt aangemeld.
Maar het kan ook NIET doorgaan dus? Het hele bod?
VerwijderenWat doe je zelf eigenlijk, Precies?
Hendrik,
Verwijderenik denk dat het bod gewoon doorgaat ongeacht het aantal aanmeldingen.
Theoretisch is het mogelijk dat voor de resterende aandelen de notering (nog een tijdje) blijft bestaan.
Ik heb mijn aandelen aangemeld, want ik wil niet vast komen te zitten.
Ik denk ook dat het doorgaat. Ik heb ze allemaal aangemeld... althans ik hoop het (ik kreeg geen bevestiging na het op save drukken van bericht) :)
BeantwoordenVerwijderenJustme
Vandaag een low van 8.26 en slot van 8.46.
BeantwoordenVerwijderenRaar. Ik neem aan dat de deal nog steeds doorgaat.
Justme
JustMe,
Verwijderenik denk dat er nu alleen nog gehandeld wordt met niet-aangemelde aandelen en dan krijg je dit soort vreemde verschijnselen.
Chinese company to construct huge uranium mine in Namibia
BeantwoordenVerwijderenVladimir Basov | April 20, 2013
Namibian and Chinese government officials announced the construction of a new uranium mine in the country during a groundbreaking ceremony April 19.
Construction of the Husab mine in the western Erongo region will cost of about $129 million and will be finished sometime in 2014. The first production batch of uranium ore is expected by 2015.
The future mine, which is located 60 kilometres northeast of Swakopmund, has at least 142,000 tonnes of uranium resources in-situ with an average grade of roughly 0.04% that could be mined for more than 20 years.
Full production is expected by 2017, with mining from two separate open pits feeding ore to a conventional agitated acid leach processing plant.
Namibian state mining company, Epangelo Mining, owns 10% of the Husab project while Chinese state-owned China Guangdong Nuclear Power Holding Corp. is a major owner with 90% interest.
With nameplate production capacity of 5,560 tonnes of uranium per year, Husab mine would potentially be the third largest uranium production facility worldwide, slightly behind the McArthur River and Cigar Lake mines in Saskatchewan.
China Guangdong Nuclear Power Holding Corp. bought the Husab project from the Australian-listed mining firm Extract Resources last year for nearly $1.9 billion.
Reportedly, the uranium from the Husab mine will be one of the largest sources of fuel for China's highly ambitious nuclear power construction program.