PERTH (miningweekly.com) − ASX- and TSX-listed uranium developer Extract Resources would hold off on making a recommendation on the proposed bid from Taurus Minerals, until a firm offer has been made.

Taurus Minerals, which is jointly owned by China’s CGNPC Uranium Resources and the China-Africa Development Fund, has been granted relief by the Australian Securities and Investment Commission to acquire an interest of more than 20% of Extract’s shares, provided that it made a downstream offer for Extract.

Under a deal announced in December, Extract’s majority owner Kalahari Minerals agreed to a $993-million takeover by CGNPC, which if successful, could trigger a $2.2-billion bid for Extract as early as March.

The Chinese State-owned firm said that it would launch an A$8.65-a-share offer for Extract within four weeks of securing a 50% acceptance of the Kalahari offer.

Taurus Minerals has told shareholders that offer documentation has now been posted to Kalahari Mineral's shareholders, and the offer would remain open for acceptance until February 2, unless extended.
 

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