Sichuan Hanlong bids for resources group
08:54, July 12, 2011

Email | Print | Subscribe | Comments | Forum 
The bid at A$0.612 a share represents a 59 percent premium to Bannerman's close on Friday, 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 Group's Rossing uranium mine and west of Paladin Energy's Langer-Heinrich mine.
Bannerman, being advised by Macquarie Capital, part of the Macquarie Group, 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 Group was forced to withdraw an offer for UK-listed Kalahari Minerals Plc 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, 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 Ltd, 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.
Source:China Daily
|
||||||||||||||||||||||
(Editor:陈乐乐)

Related Reading

Chinese president stresses reinforcement of China-DPRK relations
Income of Tibetan farmers, herdsmen sees double-digit growth for 8 consecutive years: white paper
Chinese central government sends 300 bln yuan subsidies to Tibet in 60 years: white paper
China's oceanic authority demands accelerated investigation to oil leak
Religious freedom respected, protected in Tibet: white paper
Signing of 17-Article Agreement symbolizes peaceful liberation of Tibet: white paper
Life expectancy in Tibet nearly doubled over last six decades: white paper
Tibet has been "inseparable part of China" since ancient times: white paper
Basically no pollution of water, atmosphere in Tibet: white paper

