PERTH (miningweekly.com) – Uranium mine developer Extract Resources was granted a share trading halt on the ASX on Friday as the company awaited a downstream offer from China Guandong Nuclear Power Corporation (CGNPC) through its subsidiary Taurus Minerals.

It was estimated that CGNPC currently had a shareholding of around 42% in Kalahari Minerals, which in turn owns 42.74% of Extract, after diversified miner Rio Tinto accepted the offer for its 11.1% shareholding in Kalahari.

CGNPC has previously said that a 50% shareholding in Kalahari, by February 2, would trigger a A$8.65-a-share takeover offer for ASX- and TSX-listed Extract.

The bid would value Extract, which was developing the Husab uranium project in Namibia, at around $2.2-billion. The deal has been approved by the Namibian government, despite Extract directors holding off on making a firm recommendation regarding the takeover until a firm offer had been made.

Extract said on Friday that it would resume share trading on February 7.
 

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