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Hanlong keen to acquire Bannerman
By Richard Fu |
July 12, 2011, Tuesday
|
Print Edition
Print Edition
CHINA'S Sichuan Hanlong Group has offered A$143 million (US$153 million) to acquire Australian uranium developer Bannerman Resources Ltd as the Chinese firm eyes Namibian resources.
Though Hanlong's offer at 61.2 Australian cents a share represents a 59 percent premium over its Friday's close, Bannerman said yesterday that Hanlong has timed its approach to take advantage of the recent share weakness caused by issues such as Japan's Fukushima nuclear disaster and weak global equity markets.
If successful, the ''highly conditional'' bid - as Bannerman called it - would give Hanlong access to uranium resources in Namibia, the southern African country considered to be a premier uranium mining location.
Bannerman's principal asset is its 80 percent-owned Etango uranium project. It's close to Rio Tinto's Rossing project, the world's third-largest uranium mine.
''Bannerman controls one of the largest undeveloped uranium resources in the world and, despite recent events, there is no doubt that nuclear power will continue to play a key role in meeting the world's growing energy needs,'' Bannerman Chairman David Smith said.
Still, Bannerman, which has been seeking joint venture partners to help finance and develop its Etango project, said it will keep talking with Hanlong but it won't grant the private Chinese firm exclusivity and will continue joint venture talks with others.
The Bannerman deal is subject to its board recommendation, shareholder support, and regulatory approval in China and Australia.
It is not certain that Hanlong's proposal will proceed and an outcome may not be known for some months, according to Bannerman.
Hanlong's offer comes after state-owned China Guangdong Nuclear Power withdrew its bid for London-listed Kalahari Minerals in May after UK regulators refused to allow a lower offer from the Chinese firm.
Hanlong is the biggest shareholder in Australian iron ore explorer Sundance Resources Ltd.
Though Hanlong's offer at 61.2 Australian cents a share represents a 59 percent premium over its Friday's close, Bannerman said yesterday that Hanlong has timed its approach to take advantage of the recent share weakness caused by issues such as Japan's Fukushima nuclear disaster and weak global equity markets.
If successful, the ''highly conditional'' bid - as Bannerman called it - would give Hanlong access to uranium resources in Namibia, the southern African country considered to be a premier uranium mining location.
Bannerman's principal asset is its 80 percent-owned Etango uranium project. It's close to Rio Tinto's Rossing project, the world's third-largest uranium mine.
''Bannerman controls one of the largest undeveloped uranium resources in the world and, despite recent events, there is no doubt that nuclear power will continue to play a key role in meeting the world's growing energy needs,'' Bannerman Chairman David Smith said.
Still, Bannerman, which has been seeking joint venture partners to help finance and develop its Etango project, said it will keep talking with Hanlong but it won't grant the private Chinese firm exclusivity and will continue joint venture talks with others.
The Bannerman deal is subject to its board recommendation, shareholder support, and regulatory approval in China and Australia.
It is not certain that Hanlong's proposal will proceed and an outcome may not be known for some months, according to Bannerman.
Hanlong's offer comes after state-owned China Guangdong Nuclear Power withdrew its bid for London-listed Kalahari Minerals in May after UK regulators refused to allow a lower offer from the Chinese firm.
Hanlong is the biggest shareholder in Australian iron ore explorer Sundance Resources Ltd.
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