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« Turkey planning for 3 nuclear power plants by 2023 | Main | Ed Sterck: Spare Cash? Park It in Uranium »

Extract Resources Limited in Talks with Rio Tinto

EXT Chart 21 Feb 2011.JPG

Some news hot off the press out of Australia is that Extract Resources Limited (EXT) have announced that they are currently holding discussions with Rio Tinto around a potential combination of the Husab Uranium Project with the neighbouring Rössing Uranium Mine, with a view to capturing the significant potential synergies that could be generated from a joint development of the two projects.

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

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

This follows on from an announcement made by Kalahari Minerals recently as follows:
Kalahari Minerals (LON:KAH) will take a tighter grip of Uranium exploration group Extract Resources (ASX:EXT, TSX:EXT, NSX:EXT) after participating in a private placing.

It is buying just under 7.3 million shares for a total A$60.9 million, or A$8.35 a share. 

The price represents a 5 percent discount to the volume weighted average price of the stock for the period from December 3 to December 7.

Kalahari’s stake in Extract, owned through its subsidiary Kalahari Uranium, rises to 42.83 percent from 41.12 percent.

Kalahari chairman Mark Hohnen said: "The placing, initiated by us to increase our stake in Extract, reiterates Kalahari's unwavering commitment to the continued development of Extract, both operationally and corporately.

Interesting times for Extract Resources Limited, Guess its a case of watch this space for further developments.

Extract Resources Limited trades on the ASX and TSX under the symbol of EXT giving it exposure to both the southern and northern hemispheres.

Over in the options pit another profitable trade was closed on Friday so we now have 65 winners out of 67 options trades, or a 97.00% success rate If you have any questions regarding these trades please address them through their site where they will be handled quickly and I hope efficiently.

sk chart 19 Feb 2011.JPG

The above progress chart is being updated constantly. However, to see exactly how it is going, please click this link.

So, the question is: Are you going to make the decision to join us today, before we decide to cap membership.

Stay on your toes and have a good one.

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Reader Comments (3)

Congrats for highlighting the prospects for Extract again. You last did so,I believe, when you described the shares as oversold at the A$6.50 mark around February 2010. Shame you didn't equally highlight the golden cross at around A$6.70 in October 2010.

The Husab deposit is already one of the biggest five uranium deposits in the world and it is arguably only 50% discovered so far. In the latter half of this decade it should produce annually almost as much as MacArthur River does now.

I've been invested here beginning in February 2009 (at A$1.62, 1.91 and 2.59) and have not sold a share since. Even today, with licences and environmental permits progressed, the huge resources at excellent grades and the prospect of reducing costs by collaborating with Rio Tinto over infrastructure and production, Extract represents a first-class investment in the uranium sector and I'm enjoying the story unfolding.

February 21, 2011 | Unregistered CommenterRobert Wallace

Has anyone noticed that most uranium mining stocks have declined rather precipitiously in the last fwe weeks? Does anyone have an explanation?

Comment by Frank ONeill — February 21, 2011

February 21, 2011 | Unregistered CommenterFrank


Yes is it a shame that we missed it, did you comment at the time regarding the cross, I just cant remember.

February 21, 2011 | Unregistered CommenterUranium Stocks

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