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Hanlong offers US$153m to buy uranium firm in Namibia
By Richard Fu |
July 11, 2011, Monday
|
Online Edition
Online Edition
CHINA'S Sichuan Hanlong Group has offered A$143 million (US$153 million) to buy Australian uranium developer Bannerman Resources Ltd, eyeing its assets in Namibia.
The bid, if successful, would give Hanlong access to uranium reserves in Namibia, the south African country considered to be a premier uranium mining region. Bannerman's principal asset is its 80 percent-owned Etango uranium project.
Hanlong's bid of 61.2 Australian cents a share represents a 59 percent premium to Bannerman's close on Friday.
Hanlong's approach has been timed to take advantage of Bannerman's low share price which has been adversely affected by issues such as Japan's Fukushima nuclear disaster and the weak global equity markets, Bannerman said in a statement today.
Privately-owned Hanlong has been on a global buying spree in the mining and mineral sector in recent two years and is already the biggest shareholder of Australian iron ore explorer Sundance Resources Ltd.
The bid, if successful, would give Hanlong access to uranium reserves in Namibia, the south African country considered to be a premier uranium mining region. Bannerman's principal asset is its 80 percent-owned Etango uranium project.
Hanlong's bid of 61.2 Australian cents a share represents a 59 percent premium to Bannerman's close on Friday.
Hanlong's approach has been timed to take advantage of Bannerman's low share price which has been adversely affected by issues such as Japan's Fukushima nuclear disaster and the weak global equity markets, Bannerman said in a statement today.
Privately-owned Hanlong has been on a global buying spree in the mining and mineral sector in recent two years and is already the biggest shareholder of Australian iron ore explorer Sundance Resources Ltd.
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