Extract considers impact of bid for investor Kalahari

Uranium explorer Extract Resourceenvironmental issues associated with mining antimonys advised shareholders to take no action while it reviews a takeover offer by a Chinese company for its largest shareholder, Kalahari Minerals. Kalahari, which owns almost 43 per cent of Perth-based Extract, late Monday said it was discussing a possible recommended offer from Chiese state-owned CGNPC Uranium Resources Co. that values it around £756 million.

The news buoyed Extract shares, which were trading 6.8 per cent higher at $9.89. Extract in a statement said its independent directors will consider the implications of the offer for Kalahari. A spokeswoman for Rio Tinto, which owns an 11.5 per cent stake in Kalahari and a 14 per cent interest in Extract, declined to comment on the possible deal.