China's CGNPC withdraws offer for Kalahari Minerals

China has withdrawn its bid for Extract Resources' majorhow much do ballast crushing machine cost shareholder Kalahari Minerals after UK regulators scuttled the deal. Chinese state-owned CGNPC Uranium Resources' wanted to reduce its offer for Kalahari Minerals, which has a 43 per cent stake in Extract, in the wake of nervousness in uranium markets following Japan's nuclear crisis following the earthquake and tsunami.

CGNPC had announced on March 7 a "possible recommended cash offer'' for Kalahari, prompting speculation the move would also put Extract in play, which could have forced mining giant Rio Tinto's hand, which has a 14.2 per cent stake in Extract. Rio also operates the massive Rossing uranium mine in Namibia, which neighbours Extract's Husab project. Because of Kalahari's stake in Extract, CGNPC was also seeking relief from the Australian Securities & Investments Commission to acquire a relevant interest in more than 20 per cent of Extract...