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« Siddharth Rajeev: Undiscovered Energy Gems Sparkle | Main | Kevin Shaw: Horizontal Drilling an Oil & Gas Game-Changer »

Extract Resources Limited: A possible target for Rio Tinto

EXT Chart 09 Mar 2011.JPG

Reuters reported that shares of Extract Resources Limited (ASX:EXT and TSX:EXT) jumped on expectations it could become a target for Rio Tinto Limited after a Chinese bid approach for the uranium miner's top shareholder. Namibia-focused Extract is 43% owned by Kalahari Minerals Plc, which said it was in talks about a possible $1.23 billion takeover offer from a unit of China Guangdong Nuclear Power Holding Corporation. Rio Tinto owns 14% of Kalahari and is also a 14.2% shareholder in Extract and has long been seen as a suitor for Extract as the two companies have neighbouring uranium projects in Namibia. Rio Tinto declined to comment on Kalahari's announcement that it had been approached with an offer of GBP2.90 per share and would recommend the offer to shareholders if a formal bid was made on the proposed terms. 

This is just a quick update in case you missed it, no doubt some of our readers in Australia who are a tad closer to the situation can enlighten us further, please feel free to do so.

We have also opened Trade 2 of the Accumulator on

We recently closed an option play on with an average profit of 96.5% on Silver Wheaton Call Options. Click here to read more.

Many thanks to those of you who have recently signed up for options trading service, its very much appreciated. Please be patient as we have a number of new trades on the drawing board and as you are aware the timing of them is critical to their success.

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.

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Reader Comments (2)

On a sort of unrelated topic, anyone notice that virtually ALL Uranium and rare earth stocks have been getting the sh*t beat out of them these last three trading days? I've been looking to find out the cause of this, but have found nothing so far. Any help?

March 9, 2011 | Unregistered CommenterJoeBronx

The spot price of uranium has dropped so that may account for part of the sell off.

March 10, 2011 | Unregistered CommenterUranium Stocks

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