As copper becomes ever hotter property and the tantalising price of $3/lb heaves into view, at least for the optimistic among us, companies with their focus on the metal naturally become more interesting. A recent newcomer to the London market, Kalahari Minerals [AIM:KAH] can offer investors no less than three copper projects, with a uranium joint venture thrown in to add piquancy to the proposition.

Altogether, Kalahari can already boast an estimated 250,000 tonnes of copper in the ground across its Namibian ground, which makes it clear that the company has moved beyond exploration and into the pre-feasibility phase with its two key projects. The area in which the company is operating was explored preliminarily by other players back in the 1970s, and a sizable portion of the presently known resources originate from this spell, but failure by those then exploring to come across any very large targets plus a deteriorating political situation in Namibia brought proceedings to a halt.



Now that the copper market looks very different and the politics of Namibia have improved, Kalaharis ground is a lot more desirable. Indeed, the companys Chairman Mark Hohnen admits that it has been lucky to have been able to stake the areas it has, which essentially amount to a large slice of the Namibian section of the Kalahari copper belt, which has some geological similarities with the much storied Zambian copper belt.

Kalaharis first order of priority is the Dordabis project, within which it has homed in on a deposit known as Koperberg. Drilling here has identified oxide and sulphide zones of mineralisation and recorded some good intersections, the highlight of which has been 5 metres graded at 3.43% copper. A small scale pilot processing plant is already recovering copper cathode on site.

The Koperberg resource is still open, and an alluring possibility raised by Hohnen is that it could conform to the Olympic Dam geological model. That is, a massive body of IOCG (iron oxide copper gold) mineralisation with significant smatterings of uranium. It is too early to tell whether this is the case or not, but such a scenario is certainly something pleasant to dream of for Kalahari shareholders, and the company has allocated funds specifically towards testing this hypothesis.

Kalaharis second key project goes by the name of Witvlei, and hosts five known copper deposits along with a number of prospects. The next step for the company will be to try and expand the existing deposits and define resources at the prospects in order to come up with a total resource of a potentially economic size.

If this resource development programme comes up with the goods, Hohnen suggests that an attractive option for Kalahari at Witvlei may be the tried and tested development model of establishing initial cash flow from oxide material before moving on to trickier-to-process sulphides. The same development path could also be worth considering at Koperberg if the Olympic Dam model is not found to hold true there.

Kalaharis only grassroots stage project is Ubib, which has been is known to host copper gold mineralisation with a hint of uranium but needs appraising more thoroughly before much more than this can be said. The project is located some 15 kilometres from Anglo Gold Ashantis Navachab gold mine, which obviously auspicates well. Current work is centred on stream sampling to help identify prospective target zones for the application of more advanced exploration techniques.

The Husab uranium project, which is a joint venture with Extract Resources [ASX:EXT] structured to give Extract 51% and Kalahari the remainder, has surprised both companies. Hohnen says that little was thought of Husab until last year, when some great radiometric anomalies were turned up. The presence of uranium along with other metals has now been confirmed, and diamond drilling to test the deposit at depth begins in the next couple of weeks.

Husab is located right between the Rossing uranium mine, owned by Rio Tinto [LSE:RIO; NYSE:RTP], and the Langer Heinrich deposit, which is being developed by the uranium darling of the Australian market, Paladin Resources [ASX:PDN]. Extract has already gained significant recognition from its constituency of investors for Husab, and if drilling confirms the joint venture partners optimism, then the project could well help win Kalahari some fans in the London market, where uranium plays are not as numerous as they could be, and hence much in demand.

Investment Outlook

Kalahari has raised 6 million by way of its AIM listing, and intends to devote the largest portion of this sum to work at Dordabis. Therefore, this is the project that investors should be keeping their weather eye on. Significant progress down the road to feasibility is sure to add value to the company, other things, such as the copper market, being equal.

But in addition to Dordabis, there is scope for either or both of Witvlei and Ubib to shape up and grab investors attention. Husab already stands out, and with a high level of market interest in new uranium projects still apparent, it is a nice asset for Kalahari to have.

Kalahari Minerals plc ("Kalahari") listed on the Alternative Investment Market (AIM) in London on 21 March 2006 (Code : KAH).

Kalahari has acquired and established a significant and highly prospective portfolio of mineral exploration projects in Namibia.

Kalahari continues to expand it's already substantial knowledge base and through its recently successful listing on AIM has raised GBP 6M to further develop and accelerate its various exploration programmes.


Kalahari Copper-belt
The opportunity in Namibia:


Identification of the copper-belt late 1960's with the discovery of numerous copper-sulphide deposits.
Stratabound, sedimentary-hosted copper deposits, similar to Zambian copper-belt
Only minor development of the resources has occurred. There is a general lack of detailed follow-up over known areas of mineralisation.
Area has not been systematically explored using modern exploration technology.
A strategic geological model has not been applied to assess the "big-picture".

Kalahari Minerals PLC
10 April 2006

Kalahari Minerals plc / Ticker: KAH / Index: AIM / Sector: Mining & Exploration



Kalahari Minerals plc ('Kalahari' or 'the Group')



Commencement of drilling at the Husab Project, Namibia



Kalahari Minerals plc, the AIM listed mining exploration and evaluation group
with a portfolio of copper and uranium prospects in Namibia, is pleased to
announce that diamond drilling has commenced on the first uranium target at its
49% owned Husab Project in Namibia.



A ground spectrometer survey over the Ida Shear indicates uranium mineralisation
along a strike distance of over four kilometres. This anomaly is not equally
developed in all areas and the first drilling campaign will focus on a 1000m
section, with initial drill holes spaced at 160m centres. This phase is expected
to take three months to complete and will comprise of 5,000m of diamond drilling
with some holes up to 300m in length. A second drill rig will commence work in
the near future.



The uranium-bearing pegmatitic granite that has intruded the hanging wall of the
Ida Copper Mine Shear in the license area shows an apparent width of up to 60m
at surface. Recent Spectrometer assays, taken by Extract Resources Ltd, adjacent
to the mineralized horizon have a peak value of 665 ppm equivalent uranium (eU),
with higher values relating to zones of smokey quartz and biotite development.
Secondary uranium oxide minerals (gummite) have also been observed.



A nearby groundwater source has been located from where water will be abstracted
for the drilling.



Ground spectrometer work on other areas of the 550 km(2) project area is also
continuing, with a number of additional drilling targets already established.



The Husab Project (EPL3138) is a joint venture with Extract Resources Ltd, a
company whose shares trade on the Australian Stock Exchange. Kalahari, through
its wholly-owned subsidiary West Africa Gold Exploration (Namibia) P/L (WAGE),
holds a 49% stake in the project. The project is situated in a known uranium
province strategically located between the Rossing uranium mine (Rio Tinto
68.6%), one of the world's largest uranium mines, and the Langer Heinrich
deposit, currently being developed by Paladin Resources.



Chairman Mark Hohnen said: 'With the renewed interest in nuclear energy and
present demand for uranium outstripping supply, it is our intention to advance
the Husab project as quickly as possible because we believe that it has the
potential to host a significant uranium deposit.'



* * ENDS * *

Husab Drilling Commences

Husab Project


Diamond drilling has commenced on the first uranium target of the Husab Project in Namibia, a joint venture between Extract Resources Ltd and West Africa Gold Exploration (Namibia) Pty Ltd, a wholly-owned subsidiary of AIM-listed Kalahari Minerals Plc.

Extract Resources director Peter McIntyre said that a ground spectrometer survey over the Ida Shear indicates uranium mineralisation along a strike distance of over 4km. This anomaly is not equally developed in all areas and the first drilling campaign will focus on a 1000m section, with initial drill holes spaced at 160m centres, he said.

This phase is expected to take three months to complete and will comprise of 5,000m of diamond drilling with some holes up to 300m in length. A second drill rig will commence work in the near future.

The uranium-bearing pegmatitic granite that has intruded the hanging wall of the Ida Copper Mine Shear in the license area shows an apparent width of up to 60m at surface.

"Recent spectrometer assays adjacent to the mineralized horizon have a peak value of 665 parts per million (ppm) equivalent uranium (eU), with higher values relating to zones of smokey quartz and biotite development. Secondary uranium oxide minerals (gummite) have also been observed, Mr McIntyre added.

A nearby groundwater source has been located from where water will be abstracted for the drilling. Ground spectrometer work on other areas of the 550sqkm project area is also continuing, with a number of additional drilling targets already established.

The project is situated in a known uranium province strategically located between the Rossing uranium mine (Rio Tinto 68.6%), one of the worlds largest uranium mines, and the Langer Heinrich deposit, currently being developed by Paladin Resources.

Extract Resources Ltd is a listed mining and exploration company based in Perth, Western Australia.

Extract Resources (Namibia) (Pty) Ltd has entered into a farm-in joint venture agreement with West Africa Gold Exploration (Namibia) Pty Ltd, in respect to the mineral rights on the Husab EPL 3138 located in Namibia. Under the terms of the JV, Extract can earn a 51% interest by expending $400,000 on the project, within a 18 month period.

- 12 Apr 2006

Looks tasty, Julian. Broad portfolio is attractive - particularly enticing in view of the fact that copper deposits are already known to be in place. have added this to my watch list.

Kalahari are presenting at the proactiveinvestors presentation next week, along with PAF !

Admission is free, as are the after speach drinks and eats !

http://www.proactiveinvestors.co.uk/eventregistration.php

Should be a good evening, maybe see some of you there?

media comment, click HERE

Tipped in Smallcapshares.co.uk - 23/07/07

Wow what a drop - any views on why ?

media comment, click HERE

In depth article - click HERE

Crikey, it's on the end of a catapult, wish it could tow VML with it !

Another nice week at the office. Apart from the general slump in early Jan what an excellent chart - no rampers needed for this one

Missed out on this one, ouch ! how far is this going to go ?, many a time by the time I get in things start to slacken off !

I am banking on this one to be another GFM. I too missed out yesterday with GFRD - waited for it to drop to 74p and wham a 13 % increase.

New article, click HERE

7 August 2008

Kalahari Minerals plc ('Kalahari')

Maiden Uranium Resource for Ida Dome Project, Namibia




Kalahari Minerals plc, the AIM listed mining exploration and evaluation group with a portfolio of copper and base metal prospects in Namibia, is pleased to provide an update released by Extract Resources Ltd ('Extract' or 'the Company'), in which Kalahari's subsidiary, Kalahari Uranium Limited, holds a 39.11% interest.




Extract Resources (ASX & TSX: EXT), a uranium exploration company with projects in Namibia, Africa, today announced a maiden resource on the Ida Dome Project of 25.1 m lbs U308, within the Garnet Valley, New Camp and Ida Central zones. These areas have not yet been closed off, and will continue to grow along with the resource drilling currently occurring on Holland's Dome, also within the Ida Dome complex. Specifically, this maiden resource includes the results from 28,852 metres of the drilling completed thus far on the Ida Dome Project, being 48% of the planned 60,000 metre programme. A summary of the resources defined to date is as follows:




Ida Dome Project - Garnet Valley + New Camp + Ida Central Maiden Resource Estimate

Lower Cut
Indicated
Inferred

Tonnes Above
U3O8
Contained U3O8
Tonnes Above
U3O8
Contained U3O8

Cutoff (Mt)
(ppm)
(M lb)
Cutoff (Mt)
(ppm)
(M lb)

Garnet Valley

100
0.6
246
0.31
43.5
224
21.39

200
0.5
259
0.26
25.6
263
14.77

New Camp

100



4
156
1.4

200



0.4
234
0.2

Ida Central

100



5.2
170
1.96

200



1.1
238
0.6

Total

100
0.6
246
0.31
52.7
213
24.8

200
0.5
259
0.26
27
261
15.6





Managing Director of Extract Resources, Peter McIntyre, said that the early results for Ida Dome are towards the upper end of target expectations. 'It is extremely pleasing to announce our maiden resource for Ida Dome; it is a solid start for our resource base, and will grow substantially from ongoing work at Ida Dome and from Rossing South to the north. While the Rossing South discovery has recently shifted much of the focus, the Ida Dome Project is still shaping up as a significant project in its own right.' He said that 'the results are also validating the assumptions incorporated in the October 2007 Scoping Study for Ida Dome, which includes the higher-grade Holland's Dome area currently being drilled.'



DETAILS




This preliminary resource statement exceeds the lower range established as an exploration target (24.7 m lbs U3O8 - ASX release 19 October 2007), and the upper range target for Ida Dome as a whole (41.2 m lbs U3O8) is also expected to be exceeded following completion of the 60,000 metre drill programme which commenced in June 2007. The above resource applies to 28,852 metres (48%) of the 60,000 metre programme.




GARNET VALLEY AND NEW CAMP




The drillhole database in the immediate vicinity of the Garnet Valley and New Camp deposits consists of 114 RC and 40 diamond drill holes for 27,127m. The majority of the drilling (122 drillholes) was completed by Extract during 2007 and 2008, with the remaining drillholes having being sunk by a subsidiary of Anglo American Corporation of South Africa in the 1980s.




The drillholes were drilled at angles between -45 and -60. The Extract drillholes were mostly drilled east-west (local grid).




A combination of chemical assaying (20,995 samples) and factored radiometric data (1,714 1m composites) was used for the estimation. At Garnet Valley, five drillholes still remained to be sampled and drilling was ongoing to define the extents of this mineralised system.




A density value of 2.65t/m3 was used for the mineralised zones. This value was chosen after analysis of 42 density samples.




To establish appropriate grade continuity, the mineralisation models for both deposits were based on a nominal 75 ppm U3O8 mineralisation halo. The mineralisation constraints were generated based on sectional interpretation and three dimensional analyses of the available drilling data. The main lithological contacts (e.g. alaskite and sediments) were considered during modelling at Garnet Valley (the lithology being mainly alaskite at New Camp) and were used to guide the modelling of the mineralisation outlines.




The data captured within the mineralisation model was composited to a regular thickness (3m for Garnet Valley and 2m for New Camp) downhole composite length. The composite data consisted of predominantly chemical assay data with some factored radiometric data used where assay results were not yet available.




Based on the composite data, a statistical and geostatistical investigation was carried out to derive appropriate estimation parameters such as high-grade cuts, variogram model parameters and search ranges. High-grade cuts were applied to the 3m and 2m composites prior to grade estimation and ranged from 160 to 950 ppm U3O8.




A three dimensional block model was constructed for the purposes of grade estimation. A parent block size of 40m N by 20m E by 10m RL was selected as the appropriate block size for both deposits based on the current average data spacing and the geostatistical investigations completed. A rotated block model (at 0600) was created to take into consideration the attitude of the domains at New Camp.




The modelled zones are well defined by the existing drilling.




Ordinary Kriging was chosen as the appropriate method for estimating grade.



IDA CENTRAL




The drillhole database in the immediate vicinity of the deposit consists of 36 diamond drill holes for 10,058m. The majority of the drilling was undertaken during 2006, before the commencement of the 60,000 metre resource definition programme that commenced in June 2007.




The drillholes were drilled at angles between -45 and -80, typically to the west. The resulting drilling pattern ranged from 80m by 80m, to 80m by 120m, to 160m by 80m.




To establish appropriate grade continuity, the mineralisation was based on a nominal 75 ppm U3O8 mineralisation halo. The mineralisation constraints were generated based on sectional interpretation and three dimensional analyses of the available drilling data. The main lithological contacts (e.g. alaskite and sediments) were considered during modelling at Ida Dome and were used to guide the modelling of the mineralisation outlines.




The Ida Dome deposit was modelled as 9 distinct domains (3m to 53m wide) with a trend to grid north (north-east UTM). Individual domains can extend for up to 450m.




The data captured within the mineralisation model was composited to a 3m downhole composite length. A statistical and geostatistical investigation was performed on the 3m composites to derive appropriate estimation parameters such as high-grade cuts, variogram model parameters and search ranges. The composite data consisted of predominantly chemical assay data with some factored radiometric data used where assay results were not yet available.




High-grade cuts were applied to the 3m composites prior to grade estimation. A high grade cut of 800 ppm U3O8 was applied to the zones within the classified resource.



A three dimensional block model was constructed for the purposes of grade estimation. A parent block size of 40m N by 10m E by 20m RL was selected as the appropriate block size based on the current average data spacing and the geostatistical investigations completed. The modelled zones were well defined by the existing drilling.




Ordinary Kriging was chosen as the appropriate method for estimating grade.




RESOURCE




Resource estimation and categorisation of the grade estimate was undertaken on the basis of the criteria laid out in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and the Canadian National Instrument 43-101 ('CNI43-101'). An Inferred Resource was defined for the bulk of the mineralisation using the criteria determined during the validation of the grade estimates, with detailed consideration of the CNI43-101 categorisation guidelines. A small amount at Garnet Valley had sufficient supporting data to allow it be considered an Indicated Resource.




Blocks were classified as Inferred based upon a combination of geological-grade continuity and within a nominal 80m by 40m to 80m by 80m drillhole spacing. To be classified as Indicated, the geological-grade continuity had to be better defined within a nominal 40m by 40m drillhole spacing.




An insitu bulk density value of 2.65t/m3 was used when reporting the resource.




The reported resource for the Garnet Valley, New Camp and Ida Central deposits reported above 100 ppm and 200 ppm U3O8 cut-offs are summarised below.




Lower Cut
Indicated
Inferred

Tonnes Above
U3O8
Contained U3O8
Tonnes Above
U3O8
Contained U3O8

Cutoff (Mt)
(ppm)
(M lb)
Cutoff (Mt)
(ppm)
(M lb)

Garnet Valley

100
0.6
246
0.31
43.5
224
21.39

200
0.5
259
0.26
25.6
263
14.77

New Camp

100



4
156
1.4

200



0.4
234
0.2

Ida Central

100



5.2
170
1.96

200



1.1
238
0.6

Total

100
0.6
246
0.31
52.7
213
24.8

200
0.5
259
0.26
27
261
15.6





* * ENDS * *





.





About Kalahari




Kalahari Minerals Plc is an AIM listed mining and exploration group with a portfolio of copper and base metal prospects within western and eastern central Namibia. Two of the project areas, Dordabis and Witvlei, are prospective for sediment hosted copper mineralisation consistent with the world class Zambian Copper Belt. A third project, Ubib, is believed to be prospective for gold mineralisation and is nearby the operating Navachab gold mine.




The Company also has a 90% interest in the highly prospective Namib Lead Zinc Project centred on the old Namib Lead Mine, which was an underground operation from 1965 - 1992. Previous mine studies (non JORC compliant) indicate surface tails and underground mining reserves of 1.65 million tonnes at 5.7% zinc, 1.6% lead and 40.2 g/t silver. Kalahari aims to take the project to bankable feasibility study stage with a view to re-commencing mining operations in the short term.




Additionally, the Company holds a 39.11% interest in ASX listed Extract Resources Limited, which is focused on uranium exploration. Its key project is the Husab uranium project in Namibia where results from an ongoing drilling programme reinforce the Company's belief that the area has a strong potential to host an economic uranium deposit.




About Extract

Extract Resources is an Australian-based uranium exploration company whose primary focus is in the African nation of Namibia. The Company's principal asset is its 100%-owned Husab Uranium Project which contains three known uranium targets: Ida Dome; Hildenhof; and Rossing South. Rossing South represents the Company's first new discovery in this area with 'world class' potential. Extract is listed on the ASX and the TSX under the ticker symbol 'EXT'. For more information on Extract visit www.extractresources.com.


This information is provided by RNS
The company news service from the London Stock Exchange

END
cyril

Angela Balakrishnan
The Guardian,
Thursday July 31 2008

Bright future

Aim-listed mining exploration group Kalahari Minerals has a portfolio of copper and base metals in Namibia and a 39.1% interest in Extract Resources. An announcement by Extract said its preliminary exploration goal for its Rossing South project in Namibia is 126m to 198m pounds of uranium. Analysts say the quality of Kalahari's resources and the proximity to Rio Tinto's Rossing uranium mine make the company an attractive target. Fairfax says it is only a matter of time before Rio Tinto seeks to extend its reserves and will look at Kalahari's licence area. Shares rose 5.3% to 29.75p.

http://www.guardian.co.uk/business/2008/jul/31/marketforces

This imho has to be good news?
LONDON (Thomson Financial) - Kalahari Minerals Plc. said it has agreed to
buy Australia's Extract Resources Ltd.
Kalahari, which holds 39.1 percent of the Australian group, said it will pay
1.6 of its shares for each Extract share.
Kalahari said the offer values Extract shares at A$0.99, a 4.2 percent
premium to the volume weighted average price in the one month up to Tuesday.
The company said the deal constitutes a reverse takeover and the new company
will be dual listed on AIM and the Australian Securities Exchange
Cyril

I thought so too but the market seems to have missed the point !! (as if there was any chance of that!!) Good luck - I am staying with this one long term and currently expecting an improved SP when the price of metals etc improves to near normal.

Report from proactive on the deal.and Extract Resources agree to merge
by Ian Mclelland

Kalahari Minerals (AIM: KAH) and Extract Resources (ASX, TSX: EXT) announced this morning that the two companies had agreed to merge.

Kalahari Minerals already hold a 39.11% interest in Extract Resources, and both companies are focused on mineral exploration in Namibia. Both companies also share a number of directors, and considering the current tight environment for fundraising, both companies also share a commonality of having healthy cash balances considering neither is generating any revenues yet.

The announcement this morning stated that Kalahari would issue 1.6 shares for every Extract Resources share, and that the combined company would be listed on the ASX and AIM, implying that Extract would drop its listing on the TSX. The combined company will also start life with approximately 15 million in the kitty and is likely to have a market capitalisation north of 100 million.

So should investors be pleased about this update? In a nutshell, yes.

Both companies serve to benefit from this transaction, assuming it goes through unhindered. The two companies overlap geographically, and could save considerable amounts on the corporate and administrative front, not to mention pooling their combined expertise, manpower and cash resources into one company. There are many other benefits too.

While Extract Resources has witnessed nothing short of excellent drill results from the Rossing South Uranium Project in recent months, its sole focus on uranium has influenced the share price, as the price of uranium has pulled back considerably from its peak in 2007. Extract has defined a JORC compliant resource of 25.1 million pounds of U308 at Ida Dome, but recently stated that its preliminary exploration target at Rossing South is an impress 126 to 198 million pounds of U308, so the potential is enormous.

Meanwhile, Kalahari, which holds a number of quality assets, particularly copper interests, has arguably been suffering from an identity crisis, as its large investment in Extract Resources has dedicated its own share price movements. Kalaharis primary goal is to define 250,000 tonnes of copper metal at its Dordabis and Witvlei Projects.

Bring the two companies together, and you diversify away from being essentially a one commodity play, to a multi-commodity play, whose key project has the potential to be a world class uranium project. But while you expand your exposure to uranium, copper, lead, zinc and gold, the group as a whole retains a relatively tight geographical footprint in Namibia.

We believe that simplifying our corporate structure and combining the resources of both companies will deliver short, medium and longer term benefits to shareholders of both companies said Mark Hohnen, Executive Chairman of Kalahari.

Dropping the TSX listing probably makes sense too, as the management of the two companies are essentially Australian, but retaining an AIM listing can come in very handy indeed when serious amount of project development capital is required. Based on todays new release, the combined entity believes that Rossing South will be rapidly moved towards a Full Bankable Feasibility study, which precludes a mine development decision.

Critically, shareholders of both companies will retain their exposure to the Husab Uranium Project, particularly Rossing South, and Extract's shareholders will gain access to our portfolio of copper and base metal prospects in Namibia. As one of the largest uranium explorers by market capitalisation on AIM post the Restructure, we can look forward to developing all our projects with support and confidence the company added.

Under AIM Rules, the transaction is considered a reverse take-over for Kalahari, which means the companys AIM listing will be cancelled, and then the new entity will have to reapply to admission to AIM. Both Kalahari and Extract will also hold AGM or EGMs to seek shareholder approval for the deal.
Assuming it all goes smoothly; the combined company should be a stronger more determined company with the assets to deliver substantial value.

Kalahari Minerals plc, the AIM listed mining exploration group with a portfolio of copper, base metal and uranium interests in Namibia, was notified on 10 September 2008 that Rio Tinto International Holdings Australia Pty Ltd purchased 24,817,310 ordinary shares in the Company on 8 September 2008, representing approximately 14.9% of the Company's total voting rights.

In addition, Extract Resources Limited ('Extract') also announced today on the ASX that Rio Tinto International Holdings Australia Pty Ltd is now a substantial holder in Extract, with 23,162,192 ordinary shares, representing approximately 10.9% of Extract's total voting rights.

Kalahari Chairman Mark Hohnen said, 'Rio Tinto's major investment in Kalahari is great news for the Company and we welcome them to our shareholder base. The involvement of Rio Tinto, one of the world's leading mining and exploration companies, confirms the world class nature of our uranium investment in Namibia, particularly within the alaskite belt that hosts the world class Rossing Mine. Kalahari believes that Rio Tinto's investment will provide further confidence for shareholders in our decision to acquire the remaining 60.89% of Extract Resources.'

* * ENDS * *
cyril

From an aussie board (HC)

Mid-Week Alert - Extract Resources (EXT)

As a follow-up to our comments on Extract Resources in the Portfolio News section of this weeks Fat Aus Mining 141, we can today reveal the mystery buyer that snapped up almost 11% of the companys shares in an on-market raid earlier this week. The buyer is Rio Tinto.

Rio lodged a substantial shareholder notice this morning with the ASX, indicating that it now owns more than 23 million shares in Extract, representing 10.9% of its issued capital, having purchased these shares on Tuesday 9 September at prices ranging from as low as $0.975 to as high as $1.20. The biggest purchase was for a block of almost 22.8 million shares at a price of $1.20, which we presume would have been bought from distressed UK resource fund manager, RAB Capital.

Extracts share price leapt to a high of $1.345 on Thursday on the news of the Rio buy-in.

So what does the Rio purchase mean for Extract? Well it confirms Rios expressed commitment last year to develop its uranium business, with a specific focus on Namibia. And this has to be hugely positive for Extract.

As Members may recall in our initial Buy recommendation on Extract Resources in Fat Mining 97 back in October last year, Rio Tinto had just recently committed to a major expansion of its Rossing uranium mine (the worlds biggest open-pit uranium deposit), after earlier contemplating its closure. Rio had almost simultaneously put its large Kintyre uranium deposit in Western Australia up for sale.

We commented at the time that Rios actions spoke volumes about where it saw its uranium business heading over the coming decades. This is why we favoured Namibia as a uranium destination so much and hence our positive view on Extract Resources.

We should point out that it is extremely unusual for a company of Rios enormous size to take such a strategic stake in a company like Extract at such a relatively early stage in its development. What this therefore tells us is that Rio can obviously see the potential for a world-class development at Extracts Rossing South project area. Certainly, the huge widths and high uranium grades that we have been reporting to Members from the companys exploration drilling programme supports this.

For Extract to develop a stand-alone uranium mine on its ground is going to cost the company potentially in the vicinity of several hundred million dollars. In the current environment, fund raising for such a large undertaking is getting harder. Banks are under pressure and tightening their lending. The cost of project finance is going up.

Why is why the friendly tie-up with 39% shareholder, Kalahari Minerals, was proposed. Its all about battening down the hatches and belt-tightening in the current resource environment. Although its yet to be confirmed, Rio is also seemingly the party behind a London raid on the register of Kalahari Minerals early this week, which saw a 15% stake acquired by a mystery buyer.

Rio is motivated by the fact that it has an existing operation in Namibia and all of the skills necessary to expand and develop its regional uranium business. It also recognises that it probably has to be a little more nimble than usual in this instance, given the presence of other likely predators in the form of Niger Uranium, itself a relatively new 17.5% shareholder in Kalahari, Areva Energy and Paladin Energy, all of which are uranium companies that have grown through acquisition.

We do not know Rios immediate intentions, but it is clear in our view that the company will not want to remain a passive investor in Extract Resources with an 11% stake. Rio sees the obvious attraction of the companys Rossing South ground, which augurs well for Extracts future. It has the balance sheet strength to make the project happen, either in partnership with Extract or in its own right.

We will follow and report developments as they happen and we hope to talk to Extract management soon, but this episode once again highlights the clear value out there in the resource sector that is being ignored by the market. The share prices of many resource companies have fallen to ridiculous levels and the winners will be the resource predators that will seize upon this unprecedented buying opportunity.

Extract Resources will remain firmly held within the Fat Prophets Mining & Resources Portfolio. We will keep Members posted with respect to developments as they occur.
cyril

is this a buying oppertunity niceonecyril,all buys so far.

ateeq180, i've tucked my certificates (which i bought sub 30p) in my re-visit 5 years time folder. I believe the demand for uranium will just grow and outstrip
supply and with it a large premium to, todays levels?
aimho
cyril

Rio paid 38p for their shares so if there is a bid coming it is going to be in excess of that price.

Kalahari Minerals plc, the AIM listed mining exploration group with a portfolio of copper,
base metal and uranium interests in Namibia,
announces that Rio Tinto International Holdings Australia Pty Ltd ('Rio Tinto') has increased
its stake in ASX listed Extract Resources
Limited ('Extract') through the purchase of 4,684,033 ordinary shares on 18 September 2008.
This purchase increases Rio Tinto's substantial
holding to approximately 13.1% of Extract's total voting rights. This is following Kalahari
and Extract's announcement on 5 September 2008
regarding the proposed restructure by means of a merger of the two companies.

This purchase follows Rio Tinto's purchase of approximately 14.9% and 10.9% in Kalahari
and Extract respectively on 11 September 2008.

The restructure will consolidate ownership of the assets of each company into a single
corporate vehicle (the 'Enlarged Company'). It is
intended that the Enlarged Company will (subject to required approvals) be dual listed on AIM
and the ASX. Post restructure, Rio Tinto will
hold approximately 18.6% in the Enlarged Company.
Looks like RT are nibbling away?
cyril

Taken from another thread by fordtin.

Martin - posted the following on your hot copper '30% take-over' thread

Interesting to compare the significant holdings given on the website with the announced changes and last years website figures .
Would it be reasonable to assume that the Cenkos Channel Islands, account for the Niger holding and Euroclear are the new hiding place for the Blakeney LLP shares? HSBC Global Custody Nominee (UK) Limited holds exactly the same amount as City Natural Resources once held which would leave Geiger Counter and Henderson hiding in either Pershing or the Bank of New York.

166,559,130 * 3% = 4,996,774
any changes to a holding above this figure which cause it to cross a whole percentage point (up or down) must be reported "without delay"

Significant holdings reported since admission to AIM
(I have excluded any which have been superceded by a later change or reduced to below 3% via dilution)

10 September 2008 - Rio Tinto - 24,817,310 - 14.9%
08 September 2008 - Rab Capital - 5,227,747 - 3.14% (edit - this is reported as an indirect holding, is this something to do with their 16% of Niger? )
25 June 2008 - CQS - 11,716,667 - 7% [comprising (City Natural Resources - 6,716,667 - 4%),( Geiger Counter - 5,000,000 - 3% )]
17 April 2008 - Niger Uranium - 27,680,000 - 16.62%
15 April 2008 - Blakeney LLP - 17,840,000 - 10.71%
25 March 2008 - Henderson Global Investors Ltd - 6,400,000 3.84%

from company website

Key Shareholders as at 22 May 2007
RAB Special Situations (Master) Fund Ltd .....18,394,577
Coronet Resources Ltd ........................16,000,017
RAB Energy Fund Ltd .......................... 4,897,964
Willbro Nominees ............................. 4,027,215
Philip Richards .............................. 4,027,215
FMR Corporation .............................. 3,482,996
M.A. Hohnen ...................................3,047,622

Key Shareholders as at September 2008
Cenkos Channel Islands Nominee Company Limited ....... 27,780,000 ...16.679%
Rio Tinto International Holdings Australia Pty Ltd ... 24,817,310 ...14.900%
Euroclear Nominees Limited ........................... 18,106,200 ...10.871%
Coronet Resources Limited ............................ 16,000,000 ... 9.606%
Pershing Nominees Limited ............................ 10,915,900 ... 6.554%
The Bank of New York (Nominees) Limited ............... 8,366,000 ... 5.023%
HSBC Global Custody Nominee (UK) Limited .............. 6,716,667 ... 4.033%
The Bank of New York (Nominees) Limited ............... 5,968,701 ... 3.584%
Pershing Nominees Limited ............................. 5,835,300 ... 3.503%
BNY (OCS) Nominees .................................... 5,200,000 ... 3.122%
total = 73.961%

The EXT announcement dated 16th Dec 2005 suggests that Coronet are controlled by EXT directors, hopefully some of the long term holders here might be able to provide more detail.
http://www.asx.com.au/asxpdf/20051216/pdf/3ts7y8r9f1q0s.pdf


I think this is the rule Martin was referring to;

SECTION F. THE MANDATORY OFFER AND ITS TERMS
RULE 9
9.1 WHEN A MANDATORY OFFER IS REQUIRED AND WHO IS
PRIMARILY RESPONSIBLE FOR MAKING IT
Except with the consent of the Panel, when:
(a) any person acquires, whether by a series of transactions over a
period of time or not, an interest in shares which (taken together with
shares in which persons acting in concert with him are interested) carry
30% or more of the voting rights of a company; or
(b) any person, together with persons acting in concert with him, is
interested in shares which in the aggregate carry not less than 30% of
the voting rights of a company but does not hold shares carrying more
than 50% of such voting rights and such person, or any person acting
in concert with him, acquires an interest in any other shares which
increases the percentage of shares carrying voting rights in which he is
interested,
such person shall extend offers, on the basis set out in Rules 9.3, 9.4
and 9.5, to the holders of any class of equity share capital whether

http://www.thetakeoverpanel.org.uk/new/codesars/DATA/code.pdf
(page 110)

cyril

29 September 2008

Kalahari Minerals plc ('Kalahari')

Strongly mineralised uranium zones continue at Rossing South

Kalahari Minerals plc, the AIM listed mining exploration and evaluation group with a portfolio of copper and base metal prospects in Namibia, is pleased to provide an update released by Extract Resources Ltd ('Extract' or 'the Company'), in which Kalahari's subsidiary, Kalahari Uranium Limited, holds a 39.11% interest. Kalahari and Extract announced on 5 September 2008 the proposed restructure by means of a merger of the two companies by a recommended scheme of arrangement under the Australian Corporations Act.

Kalahari Chairman Mark Hohnen said, 'These are another set of excellent results from Extract further strengthening our belief that Rossing South is well on its way to achieving the preliminary target of between 126 and 198 million pounds U3O8. The results that we are witnessing are a clear indication that Rossing South is indeed, shaping up to be one of the most significant new uranium discoveries in the world in recent years.'

Extract Resources, (TSX:EXT;ASX:EXT), a Uranium exploration company with projects in Namibia, Africa, today announced further wide zones of high grade uranium mineralisation, at Rossing South.

Chemical assay results and downhole spectrometer data from Reverse Circulation (RC) drilling continue to demonstrate the continuity of alaskite hosted uranium mineralisation in both Zone 1 and Zone 2.

Three large capacity RC rigs continue to operate at Rossing South drilling Zone 1 on a 100 x 100 metre spacing to define an initial resource within the first quarter 2009. An additional two RC rigs are expected at Rossing South within the next four weeks. Once Zone 1 has been drilled out, resource definition drilling will resume on Zone 2.

Visual signs of uraniferous alaskite, such as smoky quartz and abundant biotite, along with hand held spectrometer readings taken from the one metre bulk RC samples, continue to indicate the intersection of broad zones of strong uranium mineralisation. These positive field indicators, along with the steady flow of quality chemical assay results from Rossing South, support the Company's view that Rossing South has the potential to become one of the largest uranium discoveries in many years.

Some of the chemical assays mentioned in this release have previously had downhole spectrometer results reported (ASX release 13 May 2008). A comparison of the downhole spectrometer surveys with the chemical assay results indicate the metal content is approximately 20% less with the chemical assays, which is as expected. The Company continues to treat spectrometer information as an estimate of the uranium mineralisation whilst waiting for confirmation by chemical assay results.

A more regular flow of chemical assay results is being returned now that the Company is also using the pressed pellet x-ray fluorescence ('XRF') method. Comparison sampling between the four acid digest, inductively coupled plasma mass spectrometry method and XRF have been favourable.

Extensive exploration potential still exists on the Husab Project with the remaining nine kilometre zone of prospective stratigraphy at Rossing South yet to be tested. Work on this and other target zones is planned for later in 2009, once the Company has established a maiden resource at Rossing South.

cyril

New article, reads well!

Click HERE

RNS Number : 4660I
Kalahari Minerals PLC
19 November 2008

Kalahari Minerals plc / Ticker: KAH / Index: AIM / Sector: Mining & Exploration

The information contained herein is restricted and is not for publication, release or distribution, directly or indirectly, in or into the United States or to residents or citizens of the United States.

19 November 2008

Kalahari Minerals plc ('Kalahari' or 'the Company')

Termination of Proposed Restructure of Kalahari Minerals Plc and Extract Resources Limited

Overview

Implementation Agreement for proposed restructure of the ownership of Kalahari Minerals Plc and Extract Resources Limited terminated

Kalahari currently holds 39.11% of Extract's ordinary shares and will pursue other options to maximise the value of its stake

For the reasons outlined below, Kalahari Minerals Plc has formally advised Extract Resources Limited (ASX & TSX: EXT) ("Extract") that the approval of its shareholders will not be able to be secured and the merger announced on 5 September 2008 (the "Restructure") will not be able to be implemented.

As a result, the directors of Kalahari and Extract announce that the Restructure Implementation Agreement dated 5 September 2008 ("RIA") has been terminated and the Restructure will not proceed.

Background

The terms of the Restructure were announced to the market on 5 September 2008.

On 11 September 2008, Kalahari announced that Rio Tinto ('Rio") had acquired a 14.9% interest in Kalahari and a shareholding of 10.9% in Extract (Rio has subsequently increased its shareholding in Extract to 13.1%). Rio acquired its shares in both Kalahari and Extract from RAB Capital, which had been put under unforseen financial pressure caused by the global financial crisis. This was unfortunate as RAB had been a major supporter of Kalahari (as well as Extract) pre and post its float on AIM, fully participating in the Company's last capital raising in March 2008.

After the Restructure, Rio would have held approximately 19.8% of the enlarged company (on a diluted basis) and would have been entitled to further increase that stake without being subject to the 20% limit under the Australian takeovers provisions.

Following Rio's emergence on the register of Kalahari and Extract, concerns were raised by a number of Kalahari's larger shareholders about the potential for Rio to acquire effective control of the merged company without paying a premium for doing so. In addition, a number of those shareholders were concerned that Rio's material holding in the combined group would give it an unhealthy level of control and/or influence in relation to any future negotiations involving a potential transaction between Rio (or its related company, Rossing Uranium) and the merged company either at the asset or the corporate level.

Kalahari therefore sought further guidance and assurances from Rio regarding its intentions for the future control of the enlarged company.

In particular, Kalahari sought a commitment that Rio would not increase its shareholding in the combined group for a period of time after the merger was implemented (subject to a number of agreed carve-outs such as a third party making an offer for the merged company).

Unfortunately, it is now apparent that a standstill commitment will not be able to be agreed with Rio on terms which would satisfy the concerns raised by Kalahari's shareholders.

Kalahari has therefore advised Extract that it does not have the support of its major shareholders to pass the requisite resolutions at the planned meeting of Kalahari shareholders and the Restructure will not be able to be implemented.

Kalahari retains a 39.11% interest in Extract and now intends to consider a range of other options with a view to maximising the value of that interest.

(EDITED)

cyril

Deal off!

Click here

New article, Click HERE

Taken my eye of this of late, record high and record trading this week with today more than double the previous best?
cyril

Just look at that chart,really flying at the minute. Worth checking out is URU who
hold a large %'age of these(more thanM/C alone), + 3M in cash and its own project for free.
cyril

Calamari......uranium squid soup of the day, along with Vane minerals, flying today indeed...been in since the 40p mark...best performing stock in my porfolio it seems !.

This is going ballistic...where is the top here ?, a pound or more ?.

Blimey, this looks like VOG of a few years ago but with more substance....could go all the way to 120p...perhaps ?.

Further to go tomorrow morning...big big buys coming in...one of the largest uranium deposits in the world...!.

Well for me this was the dish of the day !.

Time to delve into the bottom draw methinks and dust of these beauties, up
100% so far. Just goes to show what patience can bring?
URU which i mentioned earlier has an interest worth 25m in KAH against
a M/Cap of just under 18m, although the real bargain appears to be EXT which is the owner of the Rossing field, needs to be traded on the ASX though.
It seems that Rio has shown its hand and looks like they may try to take out
EXT via Kah via URU, all good conjecture but thats my feeling on whats going on?
I was posed to buy into URU and was planning to start up a new thread, although i've missed the main surge i'll be interestd to see the action 1st thing tomorrow?

cyril

Another company invested in KAH is EML who have over 11m shares, up 44%
but still worth taking look as they have approx 11m cash in the bank.

Just realised i in got at 33p so up 150%+, 40p was the price i told my neighbour
to buy at.
cyril

I'd like to think that the rise will continue....there may be some halts in a day or so.....question is : when is the best time to take some profit ?...this stock looks like a cracker...."one of the biggest uranium discoveries in the world"....well if that is true and the market seems to think so...1st stop at 120p (guesswork) followed by a pullback and then further climbing later....timing the ins and outs will be tricky !.

this is not a stock i have ever followed even remotely, but is the present stellar rise merely based on hype and lemmings following lemmings, or is there actually something sensible behind it all?

Several things are going on...Rio Tinto are in the hunt for possibly a bigger piece of the action....uranium is the flavour of the month as well.....and the drilling results are fantastic from what information I can get on Money Am....Shares Magazine and Investors Chronicle rate this as a buy (that's why I bought) plus looks like we have a VOG effect in motion here with everybody about to pile in....put all this together and we might have a cracker here, add a couple of other companies with big investments in KAH and voila !....Niceonecyril knows a lot more about this than I do....but in a bleak market this is starting to shine like a beacon !.

The only trouble here is : is this going to spike up and then down ?.....well on the down if there is one, it will not come down to 40p again that you can count on it !.

well done all holders.
rf
remember dont be afraid to take a profit or hold on too long. or bail out too soon, remember also you is now an old timer, hopefully having learned lessons.(bit like counting on oil never getting below 100 again ) lots of stuff to consider there.
good luck
jkd

You are a wise old owl jkd....thanks....well here we go...could go either way I suppose, but up is more likely !.

Well...it's down....for the moment !.

Hardly any trades at all...what's happened to the rush of blood ?, and buy buy buy sort of thing ?.

it would not be imprudent for any holders to lock in some profits ..... i strongly suspect the lemmings have been chasing, just as they did MXP only last week, which has now back to 4.5/5.00 from its high of about 9.00 ..... no more need be said

Sold half for a free ride on the rest as I have nearly doubled my original investment...probably will regret it as it has gone up since I sold but a profit is a profit and I have made plenty of mistakes in the past....!.

it can never be wrong to bank a profit!

Lastest news,

Notice of Major Shareholdings by Emerging Metals Ltd

Kalahari Minerals plc, the AIM listed mining exploration group with a portfolio of copper, base metal and uranium interests in Namibia, was notified on 16th December that AIM listed Emerging Metals Ltd ('Emerging Metals') has increased its stake in Kalahari through the purchase of 6,250,000 new ordinary shares in the Company's recent fundraising, increasing its stake to 11,245,000 new Ordinary Shares, representing 6.28% of the Kalahari's total voting rights.

Kalahari Executive Chairman Mark Hohnen said, 'At a time of market uncertainty, the recent fundraising was a clear indication of the level of investment interest that exists for Kalahari, both through new and existing shareholders. We welcome the current stake building by Emerging Metals, in particular the involvement of Non-Executive Co-Chairman Mr. Stephen Dattels, who has an excellent track record within the mining sector having founded and/or financed a number of ventures, with his most recent being Namibian uranium company UraMin Inc. which was sold in July 2007 to Areva, the French government-owned fully integrated uranium company for $2.5 billion.'

The 5th company invovled in this venture, (EXT, KAH, RIO and URU), a specialist
in such projects. This as you can see from the above could be hugh, due to quality
of the field along with the markets thirst for uranium. A shortage + with neclear
energy being classed as green(???)and many new stations being built will only
exasperate the supply.
For me its "when not if" RIO will take over Rossing and at present KAH are taking legal action in an Aussie C/Law to prevent them(RIO) having one its personal on
the owners (EXT)on the board. And the final price payed could be many multiples of todays M/Cap, as can be seen from the above news.
Patience is whats required here so back in the bottom draw for my holdings.
aimho
cyril
meta

The present price of U-3 O-8 is $47/lb, but has been much higher, well over the
100/lb. Anyone taking the trouble to do the calcs will see the value here, i believe 5/lb has been mentioned as the in-situ benchmark?
Its well worth considering buying EXT on the ASX as its a considerable discount to
Kah's SP.
cyril

Well, I decided to take the full profit......but I'll be back no doubt...just too sharp a spike for my liking and I have work to do so cannot keep on watching all the time but I'll come back in at some stage. I just expected this to rise some more this morning but can't complain..biggest profit for ages !.

For me i took a belated stake in URU, which is trading at a large discount to its
SP and hold over 20% of KAH.
RF this imv is a takeover battle and could erupt at any moment?
cyril

Double post again, i must need a new mouse?
cyril

who are EXT????

EXT (Aussie)are the owners of the rossing field, which in turn is held by KAH and RIO.
http://www.kalahari-minerals.com

Plenty of info on their site.
cyril

Took profit too early..., but there you go...could have gone either way !.

greed is a very seductive siren .... thus, it is exceedingly tempting to dabble in KAH and/or ENK or similar ..... MXP (for me) proved to be a very interesting example, in that i got in late but, on the back of the impetus (and the sheep!), i managed to make and bank a decent profit ..... had i hung on, that profit would now be pretty much if not entirely wiped out.

decisions, decisions!

A bird in the hand is worth two in the bush but then again the great late "Benny Hill" said that two birds in the bush was more fun than one in hand !.

two birds in the hand in the bush ain't too tragic either!

Euhh no !.

Could not resist it but bought back via EML which has big exposure to this stock....the only thing the spread is not fantastic but has been reduced today....did not want to break the 30 day rule....wish I had these in a Sipp or such......EML is at an incredible discount to assets plus $ in hand and profiting with the exchange rate....started a new blog on there.

presume just an NL(?)-based metals fund in emerging markets

With big exposure to KAH...but by my calculations the assets plus cash are worth 2.5 the sp !....and KAH is rising and pulling EML with it...risky but with great possible upside !.

Blimey !, up it goes again...goodness gracious me ...where is this going ?.

What a bouncy bunny this stock is !....up down and all around !.

A valuation of URU

Excerpts from the Hanson research note on Jan 29th 2009 relating to company valuation:


For the purpose of our valuation we have used the long term $80/lb price and the current $/ exchange rate of $1.40/1.00. Other assumptions include:
Cash URU currently has 1.4m in cash (1.3p per share) and no debt. We believe that this is enough to fund the companys activities until July/ Aug 2009

Kalahari Minerals The total market capitalisation of Kalahari Minerals is 77.83m. At the current share price of 43.5p, this makes Niger Uraniums 27.68m shares worth 12.04m or 10.64p per share.

Henkries project - Niger Uranium has an NPV15% for the project of US$150m before tax. Our own valuation based on the original 3.72Mlbs estimate is US$17.43m after tax. As no resource has been defined we apply a x0.6 discount to NPV, which equates to 4.89p per share for their 74% stake.

o If Niger Uranium can define an 11 Mlbs resource we calculate an NPV of $102.87m after tax or 28.83p per share again at a x0.6 discount for risk. Neither valuation includes any upside for the unsampled Henkries South.

Niger project - We dont believe that this is economic as a standalone project at this grade and tonnage. The grades are low but are typical for the region being similar to those at Imouraren and Arlit. However, with Niger Uranium continuing its exploration drilling with two rigs currently on site, the company could increase the tonnage significantly.

o With existing operations in the area including those of Areva and China Nuclear International Uranium Corp., we believe that the most likely scenario is that URUs Niger project assets will be acquired by an existing producer. The Paladin (ASX:PDN) and Fusion Resources (ASX:FSN) deal in late December 2008 provided an indicated value to resources of US$1.97/resource lb. On this basis and factoring in assumed recoveries and a x0.5 discount due to the perceived risks in Niger, we arrive at a value of 2.35m or 2.1p per share for the Niger project.

Argentina UrAmerica This is more difficult to value as it is a private company. However, Niger paid $2.5m and 4,664,306 new shares for its interest which would value the stake at 2.3m or 2.06p per share.
Conclusion

Our total sum of parts value is 20.90p, which does not include any share holder dilution caused by any subsequent fund raisings. It also does not include any upside for Henkries North and South, the Niger exploration or expected upside in the value of the companys Kalahari minerals stake when the full resource is announced by Extract Resources.

Given KAH's sp increase, the 27.68mln shares is currently worth 17.7p per share (at KAH = 72.5p), which would increase the valuation to 28.02p per share.

And - If they can get the 11 Mlbs resource from Hankries, then this would increase the sp to 51.96p per share.

So currently they are trading at a discount of 12p (or 75%) to the current mid price.

The total KAH holdings is 178,912.255 shares
http://www.extractresources.com/InvestorInformation/ResearchReports/tabid/616/Default.aspx

Some great reading on Rossing South.

cyril

Article in the Investors Chronicle this morning...bottom line is : it remains a buy at 64p.....that's not far from where it is now !......I might have sold out yesterday and switched over to Emerging Markets ltd (EML), but today I would not sell out if I were still in !.

At the beginning of the week i would have snapped your hand off for 71p, so all in
all one has to be pleased. As we know nothing goes up in a straight line, Rossing
South still their with its rich vein of uranium and the struggle to gain control will not go away, a few profit takers and a poor market at the end of the week closing,
alters nothing.
The average time for a RNS concerning the project is about 1 month so we should not be to far awy from one, if as thought another increase in resources will add further icing to the already overflowing cake.
aimho
cyril

rf
not holding on too long and not bailing out too soon? what to do? maybe a happy medium ? i think your original first course of action would have been so. just my opinion. no one knows whats going to happen next but a stress free,relaxing,forget about position is always nice to have. just my opinion.
looking at the 15 min intraday chart i see it made high yesterday(thursday) in the 3-15 to 3-30 time frame. bull trap? notice the times of your posts at or around this time.both just before and just after.
anyway for long term holders what does a fifteen min chart matter? quite right. but having waited for just another 45 mins we could then see what the 4 hourly chart might be telling us.and it tells us a lot. and so it goes on followed by the daily, the weekly and so on.the correct procedure is to do this in reverse to what i describe, it just seems more relevant to me in this instance. i will skip passing comment on the daily and weekly please dyor.
the long term quarterly chart is showing that price is currently sitting/resting just above a fibonacci support level.whether that will hold or break i have no idea.
good tactics combined with money management is as important if not more so than being right or wrong.
i hope you are right, but if you are wrong i hope also that you have a good tactical exit strategy planned.it also helps to have a good tactical exit strategy planned to take some profit should we be right.never be afraid to take a profit.
all just my opinion.
good luck to you and all holders.
regards
jkd

Thanks jkd.... I love to read your posts !...., I've taken a big profit (makes a change), and bought back in to EML with half my funds...who have just increased their position in KAH.....with that company they also have exposure to other rare metals and a possible zinc price recovery....EML and URU sp's are very much tied to KAH's sp....and there seems to be a lot more to come from them and a possible Rio Tinto takeover;... for the exit : I have to hope that I am able to be watching should something go wrong...(big problem for amateurs like myself that !), but all in all this still looks very promising with the experts predicting that uranium prices are due to rise sharply along with KAH's resource estimate...cheers !.

why not take the sweat out and place a running stop?

I'm not sure if I can do that on my account, I'll have a look,.....don't you have to do that on purchase ?, I know you can do that with cfd's and spread bets.

guaranteed stops - yes ..... non, should be able to place at any time

RF; you certainly can on selftrade and i would have thought it possible on Barc?

To trade or to hold long term?

For me i will hold my KAH and maybe trade my URU? The question will always be,
bank a profit against a possible T/Over offer, which will see the SP rocket. Top slicing is probably the most prudent way and i know many sucessful investors who do just that.
Personally i'm most bullish on this stock and small pull back's are just run of the
mill, it should also be noted that institutions hold more than 70% of stock and seem to be increasing?
RIO (who,s own site is next to Rossing South(they knows,you know))are not in this for fun?
aimho
cyril

Peter McIntyre, Extract Resources MD, is on record as saying "Rsing South is the first new alaskite-hosted uranium discovery in Namibia in many years and is shaping up as the most significant discovery since the SJ deposit at the Rsing Mine". Put another way, Rsing South could emerge as the most significant uranium discovery in Namibia in some thirty years.
It also should be remembered that KAH is not just about Rossing South, they have exciting projects of their own.

cyril

KAH being tipped to multibag from here i recall not sure where though off hand, a quiet thread on advfn as well. Need to research more.

Extract mentioned as possible take over target?

Most of the explorers will find it difficult to raise the capital needed to develop a mine. Some of the more promising ones, such as Extract Resources, and potentially Energy and Minerals Australia, are likely takeover targets.

Rio has invested in Extract in recent months because the explorer's project adjoins its Rossing uranium mine in Namibia. Rio is also the controlling shareholder in ERA, which has garnered good reviews from analysts in recent weeks based on the potential for a major extension to its Ranger mine in the Northern Territory at the Ranger 3 Deeps underground project.

cyril

Well I've looked and I love what I see, looks close to a 'once in a lifetime opportunity' to aquire a stake in what's been touted as the best Uranium find in 30 years. I'm in, thanks for the heads up, downside looks to be Rio Tinto will buy KAH/URU/EXT out so have to hope of a bid battle which I believe is possible with big players like Areva.

loks like i've missd the boat badly ..... was contemplating a couple of hours ago, but hd to go to an appt

URU may be the way in and currently down on this morning's trading.

well have foolishly taken a modest plunge here ..... hope that doesn't place the kiss of death fo everyone else

wonder if good news has been leaked? One minute flat next up 15% on no news (that the ordinary Joe knows). Agree, URU looks the best way in here as they hold a large stake in KAH which it seems Rio Tinto are after given they are stake building.

surely RIO want the real stuff and not just shares in a company that owns shares in another ..... i know it's backdoor, but prob unnecessarily complicated

Some more valuations,

"Extract Resources (ASX: EXT)
Extract Resources currently has a 25.1Mlbs resource at Ida Dome and 108.3Mlbs for Zone 1 at Rossing South. Combined with estimated cash of A$20m at the end of June 2009, these resources imply a valuation of A$4.02 per share. We are expecting a resource of at least 105Mlbs for Zone 2 at Rossing South, due in July 2009. This would imply a valuation of A$7.12 per share.

Kalahari Minerals (AIM: KAH)
Based on the revised valuation for the 40.6% of Extract Resources which Kalahari Minerals owns plus Kalaharis 5.5m of cash but not including their base metal exploration assets, we have ascribed a target price of 88p per share for the company. With a 105Mlbs resource for Zone 2, this would increase to 154p per share."
cyril

Also,
RNS Number : 7522N
Kalahari Minerals PLC
23 February 2009

Kalahari Minerals plc / Ticker: KAH / Index: AIM / Sector: Mining & Exploration

23 February 2009

Kalahari Minerals plc ('Kalahari' or 'the Company')

Emerging Metals Increases Stake

Kalahari Minerals plc, the AIM listed mining exploration group with a portfolio of copper, base metal and uranium interests in Namibia, was notified on 23 February 2009 that Emerging Metals Limited has purchased 2,475,000 ordinary shares in the Company, representing approximately 1.38% of the Company's total voting rights, raising its total interest in Kalahari to 15,820,000 ordinary shares representing 8.84% of its total voting rights.


cyril

who is "we" or s it just some BB guru?

There is new note on URU / EML / KAH out from Hanson Westhouse this morning....
Some key points:
cyril

sorry chaps and chapesses!

More to do with a bad market than your buy.. Expect this to finish blue but if not expect a pound shortly.

a pounding is usually the likely result of my foolish ventures - which most are! ..... lol!

A bit of patience cynic....this is not dropping back just yet.....!.

The market is so crap at the moment, this is one that promises a lot.....I bought back for my family a few days ago and I'm in EML who are linked to this stock....so KAH and sorts are very much the flavour of the month !.

suddenly looking better on level 2 as we appear to have a buyer in the book.

and it's not me, i promise .... after all, as KB knows, i only have a 5k portfolio courtesy of my aged mother - lol!

a weak opening and strong close is better than the opposite. mind you, a week opening followed by a rally followed by a weaker close aint so good.anyway for believers and long term holders what happens today is of no importance.
good luck to all
regards
jkd

which do you think has the better prospects for long term profitability KAH or POG?
i appreciate both are from diff fields[gold/uranium] but both are subject t/over speculation[in POG case t/over of ORE]

Tremendous drilling results....but perhaps already in the price or delayed reaction perhaps ?

"'The results again emphasise that Rossing South is potentially a stand alone project that will be of interest to all the mining majors and companies wanting to gain exposure to uranium.
That is why we have maintained, and will continue to do so, that it is imperative that both Kalahari and Extract remain independent from Rio Tinto at this critical juncture, to ensure that shareholders receive maximum value from Extract's world class portfolio.'"

multibagger alert!

KB - great value at waterfront "cafe" by Baroda Bank - take abra for AED 1 from Old Souk station and cross creek ...... hardly fine dining but freshly cooked and very tasty for the cost of 1/4 bottle of second-rate Chenin Blanc at a Jumeirah restaurant

Doesn't RIO already have a 16% stake in KAH?

I'll be there in a month or two Mr cynic.

Yes....and will probably want more....KAH probably can't go it alone to develop Rossing South and such so Rio will have to be more involved,.....exciting times for this smallish company......I would put a 150p price tag on this....but I am not the market and it is the market that decides !.

RF it's the Aussie company EXTract who are the holders of this licence and KAH
hold 40%, so EXT to develop this project(although i believe they will taken over before development takes place). RIO hold approx 15%
of both companies.

cyril

Thanks niceonecyril....you're right of course....plenty of action to come !.

RNS Number : 8454N
Kalahari Minerals PLC
25 February 2009

?
Kalahari Minerals plc / Ticker: KAH / Index: AIM / Sector: Mining & Exploration
25 February 2009
Kalahari Minerals plc ('Kalahari')
Strong Results - Rossing South Zone 1 and Zone 2


Kalahari Minerals plc, the AIM listed mining exploration and evaluation group
with a portfolio of copper, base metal and uranium intersts in Namibia, is
pleased to provide an update released by Extract Resources Ltd ('Extract' or
'the Company'), in which Kalahari's subsidiary, Kalahari Uranium Limited, holds
a 39.95% interest.


Kalahari Chairman Mark Hohnen said, "These are fantastic results which further
underpin the world class nature of the Rossing South uranium discovery. The
widths and grades published indicate that Extract should easily build on the
initial resource for Rossing South Zone 1 of 108 million lbs of U3O8.
Additionally, results for Zone 2 including a best intersection of 73 metres
grading 1060 ppm U3O8, would again suggest that the resource for the second zone
due in July, will be at the higher end of its estimate of circa 105 million
pounds.


"The results again emphasise that Rossing South is potentially a stand alone
project that will be of interest to all the mining majors and companies wanting
to gain exposure to uranium. That is why we have maintained, and will continue
to do so, that it is imperative that both Kalahari and Extract remain
independent from Rio Tinto at this critical juncture, to ensure that
shareholders receive maximum value from Extract's world class portfolio."


Extract Announcement:


Highlights:


* Massive zones of high grade alaskite hosted uranium mineralisation continue to
be intersected at Rossing South
* Rossing South Zone 1 drilling increases the known dimensions of uranium
mineralisation with future resource upgrades expected to boost the 108M. lb U3O8
resource presently defined (ASX release 27 January 2009)
* Rossing South Zone 2 infill resource definition drilling ongoing to define
maiden resource estimate

i have left out the readings,they can be viewed on the web.
cyril

KB - avoid Pierchic .... very expensive even by Dubai standards and really not that exciting even at half the price ..... i believe there is a good Italian at Hilton, which I guess must be the one in the biz sector of town ..... restaurant at Waafi Mall also said to be good, but a long way to go for that ..... Persian restaurant at Mirage ued to be pretty good but have not been there for a few years .... Meat Co along Promenade at Al Qasr not bad ..... failing that, go self-catering and cook better and cheaper for yourself!

ok cynic, thanks. Much nicer chats we're having these days :-)

just to wet the appetite of KAH shareholders...

http://www.investorschronicle.co.uk/Companies/ByEvent/TradingTechniques/Inbrief/article/20090218/2ce2d82e-fd9e-11dd-ac57-00144f2af8e8/Rio-increases-stake-in-Kalahari-Minerals.jsp

EXT had a fantastic session in Oz last night, KAH looking very cheap now.

It does appear that KAH,NGR and EML are shinning out from the rest? Rumours
from our Aussie i/boards are that things are heating up with serveral companies hovering around, seems that EXT have put a min of au$7 at present $2.45,
so almost 200% above todays M/Cap. This is a rumour so should be treated as such,but i would not be surprised if talks of some sort are taking place?
aimho
cyril

any unsupported story from Oz, like the Philippines and similar, should be treated most circumspectly

A post today from a respected proactive author,

Mirabaud have this morning initiated coverage of KAH. They have an NAV for it of 122p and rate it "buy". Most of this is based on applying the multiple of US$5.76/lb from the Forsys sale to the current resources attributable to KAH of 53Mlb.

However, the also say: "The recent C$579m bid approach for Forsys Metals values its resource (289Mt @ 127ppm for 81Mlb U3O8) at US$5.76/lb U3O8. Crucially given the scale, grades and strategic proximity to Rio Tintos operations, we believe Extracts Rossing South deposit could have a significantly higher value in the region."

and:

"Importantly the Rossing South deposit offers substantial exploration upside. The current 108Mlb U3O8 Rossing resource is defined from drilling over 2.4km of the deposits 15km strike length with the expected 100Mlb increase due later this year defined from drilling over a further 2km of the deposits strike length."

and:

"We also highlight the acquisition of a 49% share in Arevas Trekkopje project in Namibia (to include the off-take of 50% of the mines uranium production) by China Guangdong Nuclear Power Corporation. We believe CGNPC may have paid
approximately US$750m for its holding in the recent acquisition. This sum would
equate to an in-ground valuation of around US$14.6/lb U3O8 resource at the project."

cyril

and if you start number crunching as to what the valuation could be if Rossing keeps churning out these test results then this is a multibagger, see ADVFN thread.

i should have added ADVFN into my post 115!

it's all too easy to keep hyping a stock on the basis of too much (biased) information ..... don't forget that this stock is already up about 70% in the last week .... at the very least, it needs time to recover its breath .... after that, then just maybe it will start moving ahead again, albeit against the tide

Its partner EXT again up a shedload in Oz last night on big volume in a falling market. KAH very undervalued at this price now, we may get a breakout today if it decides to play catch up. Could well be that a bid is finally emerging for EXT in Oz.

i'm a lazy shit, so please confirm that EXT and KAH are development partners in Rossing

cynic; The answer to that can be found on this thread. I find that question surprising, as in post 108, you will the info you require(also 110 is a must read) which was posted last week?
cyril

"yes" would have sufficed

Phew !!!....made it....! just escaped from an episode of "the Prisoner" in Bunny 's beer basement in my electric Portmeiron KAH (car)....should have a look....it's like alice in wonderland in there but keep the KAH engine running for a plucky escape if necessary !.

You can also goto page 2 (post 33), Proactive report. Proactive investors are a bunch of extremely competent armteur investors who take the trouble to pass on
their findings, always a worthy site to get up to speed.
cyril

thanks cyril .... i'll try to be a good boy (fat chance!) and at least review earlier posts


rf .... have you ever been to portmeiron?

cynic your language is deteriorating on the blnx thread now here--tut. tut! remember not everyone is in the boys club.

that's what comes of being a slumdog - lol!

lol.

No....never Cynic !....It's in Wales....hope my spelling is correct...it's where the cult series (17 episodes) "The Prisoner" was filmed...hope I'm right with the statistics !.

it's a strange place, with the stream that runs past the posh hotel, being somewhat fragrant!

And a full size human chess set, from what I gather !.

What a terrible market !....are these drops ever going to stop ?....silly prices on some stocks now !.

KAH's action against RIO has been settled out of court, looks like a climb down by
RIO?
cyril

EXT at an all time high (asx) and this is marked down?

cyril

D/post

cyril

EXT at another all time high, up 6% to au$2.9 up roughly 75% since early Feb,
should see it working through to the SP of KAH?

cyril

looks like it is going to form a chart breakout, very strong level 2 also.

you'd better be right or you won't be affording dubai!

Starting to rise, but nowadays one can never be sure of anything !.

Checking the thread "Newspaper tips" dated the 13th. i see theirs a ref to KAH and
a possible take over(Daily Express)?
Nice ti see it hold 80p at close.
cyril

"Kalahari together with Extract Resources could well become an African Uranium mining giant if they can maintain their independence from Rio Tinto. It is quite clear though the market has yet to value Kalahari (LSE:KAH) and Extract (ASX:EXT) at anything like a true valuation based on current drill tests. Even with a conservative view we feel both Kalahari and Extract could well see their share price multiply several fold from current prices so long as they can prove they have the capability and management to remain independent"

And EXT finished up 15% in canada last Friday.
cyril

Testing new highs today.

needs to stay around here and close otherwise nasty double top.

Finished at 84p an all day high, most of the rise at the end of day?
cyril

Well i took a very nice profit today(almost a 3 bagger), then bought URU with some of the proceeds as i feel this is better value.
aimho
cyril

CEO interview, click HERE

Friday, March 20, 2009

http://www.proactiveinvestors.co.uk/companies/news/4885/kalahari-minerals-mark-hohnen-speaks-to-proactiveinvestors-4885.html

Kalahari Minerals' Mark Hohnen Speaks to Proactiveinvestors.....................

........Forsys Metals, which is also developing uranium assets in Namibia, was recently acquired by George Forrest International. What sort of valuation does that takeover imply over Extract assets?

Thats a good question. The George Forrest appears to have paid 9 US dollars per pound for the Valencia deposit held by Forsys. Valencia is a very similar type of deposit to Rossing South but it is very low grade so it was interesting that they seem to have paid such a high price. If we were to apply that $9 to the Rossing South Zone 1 resource and the Ida Dome 25 million resource, you have a valuation of US$1.2 billion on Extract. At the same time Extract has announced that it will have its Zone 2 resource by the end of July or early August and their upper end target there is 105 million. Kalahari are very confident that that is easily achievable and particularly with the results they brought out this morning. So you can add on there another 1.15 billion, which would give a total value to the uranium assets in Namibia of US$2.345 billion, of which Kalahari holds 40 percent.

If from the above figure of $2.345billion we calc 40% = 0.938billion at .69p
we now have a total of 647million, 4.5 times the present SP. So were're
looking at a value of 3.64(647/178), very nice if you can get it?
As i just sold out to invest in a part owner URU, who own 16.6%(1/6th) of KAH and have a M/Cap of just 18.67m. One sixth of 647= 108m/18.67 = 95p.
Now 95/16.5 = 5.76 times, not saying one should follow my example, just explaining why i sold. KAH is still a great investment.
If values closed i may consider reversing my holdings?
aimho
cyril

Looks like 20c on the dollar!

Looks like RIO have increased their holdings to to 15.6% from 13.8% giving them a total of 34.6m in EXT our Aussie partner, which almost hit au$4 last night.
cyril

News from EXT,

2
Resource Definition Update

Six drill rigs are now operating on site, four RC and two core rigs. One rig is completing 50m x 50m infill drilling over 200 metres of strike at the northern end of Zone 1 (Figure 1). Once this drilling has been completed this rig will resume drilling at the southern end of Zone 1 where mineralisation is still open. This drilling is expected to add to the known dimensions of the Zone 1 uranium mineralisation.

Three RC rigs are now operating on Zone 2 closing the drill hole spacing down to a 100m x 100m grid for the initial resource estimate (Figure 1). With increased drilling rates now underway at Zone 2, a steady flow of chemical assay results is expected. Hand held spectrometer results indicate broad zones of strong uranium mineralisation.

The core samples from the two core rigs will enable site geologists to collect crucial structural, geotechnical, lithological and assay data. Whole NQ and half NQ core is being transported to Australia for comminution and metallurgical test work, as part of the Rossing South Feasibility Study.
All project work is on track for a revised Rossing South resource update in August 2009.

Exploration Update

Nine kilometres of the prospective Rossing South stratigraphic trend remain to be explored. Figure 2 clearly shows the same stratigraphy that hosts the Rossing and Rossing South deposits continuing under the Namib Desert cover south of the known extents of Zone 2 uranium mineralisation. A number of dilational sites (structural openings) are evident in this image; these have a high probability of hosting additional occurrences of uraniferous alaskite. The alaskites are passive intrusives and as such are generally located in zones of dilation.

It should also be noted that the Husab Uranium Project is located in the centre of Alaskite Alley (Figure 2), a zone in which all known occurrences of uraniferous leucogranite (alaskite) have been defined in Namibia. This location is coincident with high grade metamorphism, partial melting of basement rocks and the transport and enrichment of uranium. This central location is believed to be related to the elevated uranium grades at Rossing South and highlights the exceptional exploration potential still to be tested south of Zone 2.
cyril

RNS just out !.

And this is blasting off as well......now holding in one form or another KAH, URU and EML......I do not hold EXT...shall have to look into the matter !.

Looks like a takeover bid from RIO is starting to form......!.

Perhaps along with the latest results a reason for the spike?

Any worries about URU's funding may be about to disappear. RIO have announced in the their annual report that they have transferred their Extract & Kalahari shares to Rossing Uranium and that Rossing Uranium will seek a JV with Extract.

That will flush other bidders out. There are rumours in Aus that an initial offer will be made @ A$5/EXT share next week. If there is an offer, I expect it will go for A$6-7. Looks like this will happen sooner rather than later.

When doing any calculations on this basis, bear in mind that URU may have tax to pay on a capital gain (not sure, though, with Virgin Islands registration).
Mark


URU are valued at 22m with KAH at 103p thats 27,680,000=28.5m + 1.5m of their own cash = 30m trading at roughly 32% discount. Well worth a look?
cyril

Someone is buying in blocks of 10,000 at a time.

no tax in BVI, whgich is the whole purpose of registering there!

Just how high will they go!

Friday 27 Mar 2009 17:41:49

Namibia focussed miner Kalahari Minerals continued its stunning rally after Extract Resources, in which it has a 38.85% interest, announced the continued intersection of strong chemical assay results from the Rossing South uranium deposit.

Another excellent post by marben,

With apologies to Extractors, you're not going to like this bit much but Kalahari-ites will probably love it:

Of course, we're reaching the point where a "control premium" comes into it's own. Areva (or A.N.Other) could probably get Kalahari for 200p/share now. That would then give them 40% of Extract... I should think a bid of A$7/share to other Extract s/hs may well be enough to get them the rest. Total cost to Areva:

~360m for Kalahari = A$745m; A$987 for the other 60%. Bargain.

Anyone that buys Kalahari outright guarantees that no-one else can buy Extract... maybe THAT'S the deal that Dattels has done with RIO. :0) Even in its current tight financial state, RIO could probably afford 360m in cash (or their paper, which would probably also be acceptable as it's liquid) for something this strategic. RIO, obviously, don't need to buy the other 60% to conclude a JV deal and block any other bidders. Also bear in mind that if Rossing Uranium is now doing the buying, RIO only have to pay a 68% share of the purchase cost... Oh, and they already own nearly 16%, so only have to buy the other 84%.... so that would make the cost to RIO 360m*.84*.68 = 206m - easy!

Fun & games to come, I expect.

Along with this,
Using exchange rate of Au$1 = 0.48121 and EXT's last trade of au$4.45
it spewed out the following

one URU share = 25.29p of EXT shares
one EML share = 4.94p of EXT shares
one KAH share = 103.38p of EXT shares

Some food for thought?
cyril

RNS Number : 8019P
Kalahari Minerals PLC
31 March 2009

Notice of Polo Resources Substantial Holding in Extract
Extract today announced that Polo Resources Limited ('Polo Resources') became a
substantial shareholder in the Company following an acquisition of 12,608,239
ordinary shares, representing approximately 5.7% of Extract's total issued share
capital. Included in this interest of 12,608,239 ordinary shares, Stephen
Dattels, Executive Chairman of Polo Resources, has a voting interest over
2,107,800 ordinary shares in the Company.


Kalahari Chairman Mark Hohnen said, "The introduction of Polo Resources to the
Extract share register is an important development for the Company, and brings
further diversity to and strengthens the strategic investor base that Extract
has developed. We welcome both Polo Resources' and Stephen Dattels' involvement
in Extract moving forward as we work to achieve the maximum potential from the
Husab Project. Importantly, we see that this recent investment underpins the
inherent value of the Company's outstanding uranium assets and remain highly
confident of achieving real value for Kalahari shareholders."

Ambrian update:
Extract Resources, in which Kalahari Minerals has a 38.85% stake, has announced that Polo Resources increased its holdings in Extract to 5.7%. The shares were acquired in February and March at prices from A$1.65 to A$4.28 (Extract is currently trading at A$4.52).

These purchases are testament to the value that Polo Chairman Stephen Dattels sees in Rossing South. Dattels previously worked at Uramin and was associated with the sale of Uramin to Areva for over US$2.5bn. The position builds on the Emerging Metals (co-chaired by Dattels) 8.84% stake in Kalahari. Also, Niger Uranium, a company that was spun out of Uramin, holds a 15.5% stake in Kalahari Minerals. Meanwhile, Rios holdings stand at 15.6% and 15.8% in Extract and Kalahari, respectively.
Looking ahead for potential value, premiums paid for other uranium deposits range from US$6.25/lb for the sale of Rios Kintyre to Cameco/Mitsubishi up to US$7.64/lb for George Forrests (look through to Belgium utility?) bid for Forsys Metals' Valencia deposit in Namibia (although this has not gone through). Extract has already defined 108Mlbs U3O8 at Rossing South, and expects at least another 100Mlbs from Zone 2 in August.
Using an initial resource of 208Mlbs, the above metrics value Kalahari at 2.02-2.33/share (US$1.3-1.5bn for underlying assets). However, we expect the final resource at Rossing South will reach 300Mlbs, while Ida Dome (currently 25Mlbs) should reach at least 35Mlbs, which equates to a value of 3.33-4.06/Kalahari share (US$2.2-2.5bn for underlying assets). While the Kalahari share price may never reach these levels, we see excellent value in Kalahari at 98p/share (US$622m underlying assets), equivalent to only US$2.67/lb on the 233Mlbs we expect to be defined by August this year.

nice "after hours" announcement will assuredly do sp no harm tomorrow - wish AFR was that certain!

Kalahari Confident Of Delivering Strong Results
Kalahari Minerals is projecting significant exposure to one of the world's largest uranium discoveries whilst at the same time being in a strong financial position to develop its Namibian copper and lead mining projects.

The Group reports a loss of 11.1m for the year to 31 December 2008 which was in line with management expectations but says its levels of expenditure should reduce significantly as it has now moved into the collating phase of its copper and base metal projects.

Where is the top for this sp ?, it can't keep on rising forever !......boy ! does this remind me of a real life VOG of old !, (the rising version I mean). This company will have to raise funds at some stage....good prospects but money needed to develop all the assets.....so when the sp pullback ?.

required field: It reminds me of Pancontinental in the 1970s. Like RIO, Getty bought a 25% stake when the shares were trading at much lower levels, about 6/8p in old money. Pan' had found a huge deposit of uranium in the Northern Territory, on an Aboriginal reserve. Their shares went through the roof, hitting 20 at one time.

so long as it is not like Poseidon then or even ARM or VOG of more recent vintage

What was wrong with Poseidon? Made a killing out of them as well.

i thought Poseidon collapsed down a big black hole at the end of the day.

have a peek at Wikipedia on the Poseidon bubble ..... an entertaining but salutary read

Canadian miner defies Rio Tinto over Namibia

Peter Koven, Financial Post
Wednesday, April 01, 2009

A group of investors are engaged in a battle of wills with mining giant Rio Tinto Ltd., which they feel is trying to get control of a prized uranium deposit without paying a full price for it.

The group includes Canadian mining entrepreneur Stephen Dattels, who has invested heavily in the project in recent days and wants to see it properly auctioned off. Also lingering in the background is the government of Iran, which is involved with Rio Tinto and has a controversial nuclear program.

The project in question is the Rossing South deposit in Namibia. It is controlled by a Toronto-listed company, Extract Resources Ltd., which is based in Perth and is 40%-owned by London-based Kalahari Minerals PLC.

Recent drilling has confirmed that Rossing South is a world-class resource. That drew the interest of Rio Tinto, which already owns the nearby Rossing uranium mine (together with the Iranian government and other investors).

Rio acquired stakes in Extract and Kalahari last year. It then supported a merger between the two miners, which would have allowed it to buy shares in the combined company without being subject to a 20% cap under Australian takeover provisions. The merger was called off over concerns that Rio could get control of the company without paying a premium for it.

Now Rio is talking to other Extract and Kalahari shareholders to try to gain support for a joint venture that would allow it to run Rossing South. But it is having little success.

"Why should Rio Tinto be able to muscle the shareholders of Extract and Kalahari around to suit its own benefit? In my point of view there is a much better alternative, which is to have both companies sold to the highest bidder," Mr. Dattels, one of the key executives at Toronto-based Barrick Gold Corp. in its formative days, said in an interview.

Mr. Dattels sold uranium company UraMin Inc. for US$2.5-billion in 2007, and he is convinced that Rossing South is the next big thing. He bought major interests in Extract and Kalahari through two mining companies that he runs, and believes there are many potential buyers for the deposit.

"This could easily wind up being the most valuable uranium deposit in the world," he said.

One of the shareholders Rio Tinto was talking to is Toronto-based NWT Uranium Corp., which has an indirect stake in Kalahari. But those talks broke off abruptly, and NWT issued an extraordinary statement on Monday night saying it had "concern with certain questionable acts by Rio management which were not in keeping with the spirit of the discussions."

John Zorbas, managing director at NWT, said that he would also like to see Rossing South sold through a "serious bid" or an auction. He declined to comment on Rio Tinto's conduct.

The unusual situation is further complicated by the government of Iran, which is Rio's joint venture partner on the Rossing mine. In Rio's last annual report, the company stated that is transferring its interest in Extract into the Rossing mine joint venture, effectively putting it in the hands of the Iranian government and other investors.

124p now !, blimey ! and the graph does look like the old VOG on the rise....how far is this going to go ?, still in and wondering !?.

what have we all missed? - sp has tumbled heavily, though i see no news ....... fortunately i banked everything here the other day

Me too, out for the moment !.

have looked at the trades thingy, and all first biz was sales ..... nothing huge, but guess just someone liquidating their position - arguably forced

EXT down 22%, probably profit takers as fundimentals have not changed,any
such retracment here would give a great buying oppotunity.
aimho
cyril

EXT down 22%, probably profit takers as fundimentals have not changed,any
such retracment here would give a great buying oppotunity.
aimho
cyril

... cyril

Very glad I went out of these monday at 1.25p also sold URU at 25.3p for the time being.

EXT up in aussie by 10% to add to the 5%+ on friday, taking it back to au$4.
URU quitr cheap at these prices.imho
cyril

SYDNEY -(Dow Jones)- China National Nuclear Corp., the country's body governing all supply of nuclear fuel for power generation, has held preliminary talks with Australia uranium miners, CNNC's vice president said Wednesday.

"We have contacted counterparts in Australia, and have held preliminary talks. But we need to verify the feasibility of certain projects before making any more details public," CNNC Vice President Jiangang Qin told Dow Jones Newswires on the sidelines of the World Nuclear Fuel Cycle 2009 conference.

"We want to focus on our own production but we'd also like to make investments similar to Japan, to plug any shortage in Chinese uranium supply," he said.

CNNC already has acquired an exploration interest in Niger.

Talk of China seeking large-scale investment in Australia's uranium miners has intensified in recent weeks. One Sydney-based investment banker said contact from Chinese companies had increased exponentially over the past two months, with inquiries focusing on the coal and uranium sector.

China is particularly interested in companies already in production, such as Paladin Resources Ltd. and Energy Resources Australia Ltd. (majority-owned by Rio Tinto PLC) but also smaller miners at the exploration stage such as Extract Resources Ltd.

but only the sellers are showing any interest in KAH at the mo!

Kalahari Minerals plc, the AIM listed mining exploration and evaluation group
with a portfolio of uranium, copper and base metal interests in Namibia, is
pleased to provide an update released by Extract Resources Ltd ('Extract' or
'the Company'), in which Kalahari's subsidiary, Kalahari Uranium Limited, holds
a 38.68% interest.


Kalahari Chairman Mark Hohnen said, "Rossing South continues to yield fantastic
results and as Peter MacIntyre reiterated, these latest set of results reconfirm
that Rossing South is the highest grade granite hosted uranium deposit in
Namibia and that it continues to evolve into one of the largest uranium deposits
in the world."


Extract Announcement:


Extract Resources today announced further broad, high grade chemical assay
results from Rossing South and the renewal of EPL3138.


Highlights:


* Namibian Ministry of Mines and Energy confirms renewal of EPL3138 (which
includes the Rossing South deposit).
* Rossing South Zone 2 drilling is progressing on schedule and continues to
encounter zones of massive high grade alaskite-hosted uranium mineralisation.
* Rossing South Zone 1 drilling results further define and extend the known
mineralisation.
* Seven drill rigs now operating on site (5 RC + 2 Diamond).
* Exploration drilling that will explore to the west of Zone 1 and south of Zone 2
has commenced.

Market waking up to the value of URU.
cyril

Hi,

Back from the AGM now.

This has to be one of the most productive AGMs Ive attended. If it werent for the fact that Rio Tinto sent one of their staff and that Stephen Dattels attended in person, one might take some of the statements made with a pinch of salt. Kalahari has now released their official AGM statement: http://fool.uk-wire.com/cgi-bin/articles/200905121302371099S.html . Ill not mess about and just highlight the key bullet points.

- In conversation with Glynn Tonge after the meeting, he believes that it now looks highly likely that Rossing South Zones 1 and 2 link up. He has just returned from a semi-annual visit to operations in Namibia. Intensive drilling is currently underway between the zones.

- He also said that the exploration rig was currently working around the Salem area but that Extract would not reveal results, even to him. He said that results of the explo drilling will be announced in August. [I am surprised that they would hold back any significant discovery].

- The helimag survey will start next week and should take 2-3 weeks

- Mark Hohnen stated in the formal meeting that he is now confident that the total zone 1 and zone 2 resource will be 500Mlb+ - yup, that isnt a typo :0))) (though obviously not by the time of the August zone 2 maiden resource declaration)

- In response to a question from Laurie Kennedy* of Rio, Mark Hohnen confirmed that, as a gesture of goodwill towards Rio, Kalahari had agreed that it did not intend to increase its stake in Extract beyond 40%

- In response to another question from Rio, it was confirmed that David de Jongh Weill was representing Niger Uranium on Kalaharis Board. In a chat with David after the meeting, he confirmed that whilst he has known Stephen Dattels for 7 years, his introduction to SD was through Mike Beck, who he knows much better. He also confirmed that Chiliogon has been acting in a corporate finance capacity on behalf of Niger (but not Kalahari).

- In the post-meeting chat, it was mentioned that Rossing South looked bigger & better than Rossing (4th largest U mine globally). LK did not disagree.

- I chatted briefly with LK who spoke about the current volatility of the U market. There was a big grin on his face when I pointed out that whatever the U price was, Rossing South would be one of the worlds most profitable U mines, due to its low cost.

- I also chatted with DdJW after the meeting. He confirmed that it would not be unreasonable for me to expect an announcement concerning URUs funding soon (dont forget, he is a barrister ;0)). Most importantly, he said that the Board intended to minimise the fund raising (just to meet short term needs) & dilution. Not much funding was required to progress the Henkries project at present.

- Speaking to Mark Hohnen & Glynn Tonge after the meeting, they emphasised that they were very keen for Extract to become a Namibian company and establish its HQ there (this makes sense to me). Zaamwani is keen to know Extracts intentions for moving the project forward. They were non-committal about working with Rio but re-emphasised that if the three companies were to work together, Rio would have to make a full and fair offer.

- Before the meeting I spoke to Stephen Dattels, who was quite friendly (but a bit irritated that the meeting got off to a late start, I think whilst waiting for certain shareholders to arrive). I mentioned that I was not invested in Polo as I found GCM a bit complicated. He confirmed that the negotiations around that were rather a headache. He seemed happy about prospects/progress at Caledon - but obviously cant say much about that.

* It would appear from this: http://www.theaustralian.news.com.au/story/0,20867,20706111-643,00.html that Laurie Kennedy is Rios Chief Counsel. ;0)

Those are the key points. I asked some questions on the accounts amongst the formal business:

- Most of the admin expense is accounted for by their base metals explo & study. This expense has not been capitalised.

- LK asked about the sketchiness of the directors remuneration report. I pointed out that it is not mandatory under AIM and referred him to note 4. [He needs to get up to speed on AIM rules!]

- I asked about the big jump in salaries shown in note 4. Duncan Craib stated that this was a timing difference, and that whilst the report showed just 9 employees last year and this, considerably more were employed whilst the base metal explo programme was more active.

There was no presentation this year but after the formal business I spoke to Glynn Tonge about the base metal projects. He confirmed that Indium was present in the samples from the Namib lead/zinc tailings and the mine itself. He wouldnt comment on concentration but indicated that this would be included in the resource report which should be published in the not too distant future. Base metal price volatility made it difficult to assess feasibility (suggests to me that the economics arent brilliant). MH said he expected theyd be able to bring the base metal projects on stream as the markets for those metals were in their next proper upswing.

Considering what appears to me to be a slackening of the pace on explo and studies of the base metal projects, my feeling is that theyre currently taking rather a backseat to developments at Extract.

I have added to my URU holding at 19.5p today (at their current SPs each URU share represents 28.9p of Kalahari or 28p of Extract) and stand ready to add to my (larger) Extract one, should the price dip.

Regards,

Mark

From a trusted and (KAH's AGM)and well respected poster.

cyril

Extract not playing ball......
RNS Number : 8702S
Kalahari Minerals PLC
27 May 2009
Kalahari Minerals plc / Ticker: KAH / Index: AIM / Sector: Mining & Exploration
27 May 2009

Kalahari Minerals plc ('Kalahari' or 'the Company')

Requisition to Extract Resources
Kalahari Minerals plc, the AIM listed mining exploration and evaluation group with a portfolio of uranium, copper and base metal interests in Namibia, confirms that it has sent a notice of requisition to Extract Resources Limited ('Extract') regarding a change in its Board structure. This move has been taken partly as a result of the breakdown of an initiative agreed on the 18th May between Extract and Kalahari, whereby Extract would move its executive and administrative base to Namibia in order to continue the development of its world class uranium assets. As part of this agreement, CEO Peter McIntyre had agreed to step down in order for a new CEO to be appointed who would be based in Namibia.

The Board of Kalahari believes that Extract is at a key stage in its development whereby it is imperative that its executive team be based in country. Indeed Kalahari has been instrumental in bringing more of a Namibian presence to the Board of Extract through the appointment of Namibian nationals, Chairman Steve Galloway and Non-executive Director Inge Zaamwani-Kamwi. The Board believed that a relocation was necessary in order to fully realise the potential of Extract's exceptional uranium assets and as a result, approached the Board of Extract to implement such an initiative.

The Board of Kalahari is therefore disappointed with the reaction of Extract towards this initiative, and believes that this and other prior actions taken by Peter McIntyre are prejudicial to the interests of Kalahari and its shareholders. The Company has always been committed to ensuring that its interest in Extract is protected and has been supportive of all initiatives aimed at generating value from the development of Extract's world class assets. It remains committed to realising value for its shareholders with its strategic stake in Extract.

In response to Extract's announcement today regarding the legalities of Kalahari's action, counsel has been sought regarding the issue of a requisition and the notice of intention in respect of resolutions to remove Peter McIntyre as a director of Extract and to appoint Mark Hohnen as a non executive director of Extract. The Board has been assured by its lawyers that it is not contrary to and does not involve a breach of the terms of the agreement dated 25 February 2009. Furthermore, the Board is advised that any restrictions on Kalahari issuing a requisition regarding a Board change for Extract on the 25 February 2009 agreement lapsed after three months.

Kalahari Chairman Mark Hohnen said, 'Our intention is to ensure that the value of Extract's world class assets, particularly the Rossing South discovery are maximised. We see that the relocation of Extract and its management to Namibia is imperative at this stage of its development, and something that we believed was agreed between all parties as being beneficial. We are therefore naturally disappointed with the current situation and have been forced to issue a requisition in an attempt to ensure that these initiatives are implemented.'
* * ENDS * *

Kalahari Minerals plc / Ticker: KAH / Index: AIM / Sector: Mining & Exploration
28 May 2009
Kalahari Minerals plc ('Kalahari')
Rossing South Update - High Grades Continue To Confirm A World Class Deposit

Kalahari Minerals plc, the AIM listed mining exploration and evaluation group
with a portfolio of uranium, copper and base metal interests in Namibia, is
pleased to provide an update released by Extract Resources Ltd ('Extract' or
'the Company'), in which Kalahari's subsidiary, Kalahari Uranium Limited, holds
a 38.96% interest.

Kalahari Chairman Mark Hohnen said, "Rossing South continues to yield fantastic
results and highlights yet again that this uranium project is world class. As
Extract has reiterated, the consistent return of wide zones of strong uranium
mineralisation from Rossing South, support the view that the Husab Uranium
Project is part of one of the largest uranium mineral systems in the world.
Indeed these results would suggest that the expected resource update from them
will put a resource on Rossing South for Zone 1 & 2, well in excess of 200
million lbs of U3O8. Additionally the new area 2.4km south of Zone 2 looks
highly encouraging and although it requires much more work, it highlights the
huge prospectivity of the region. With the project moving at pace and with
Extract referring to the potential of Rossing South as being a very large
uranium producer, I would like to reiterate our call that it is now time for the
relocation of Extract and its management to Namibia to ensure that this project
is developed rapidly and to the benefit of all parties."

Extract announcement:

Rossing South Zone 1 and Zone 2 - exceptional assay results

South Perth, Western Australia - May 28 2009 - Extract Resources ("the Company")
today announced some of the best chemical assay results received thus far from
Rossing South.

Highlights:
* Rossing South Zone 1 and Zone 2 drilling results continue to confirm and
increase the known dimensions of uranium mineralisation with multiple, high
grade results.
* Zone 2 maiden resource on track for August 2009.
* Exploration drilling south of Zone 2 intersects anomalous uranium mineralisation
1.6 kilometres south of the previous limit of drilling.

Evening Euro Markets BulletinThursday, 28 May, 2009 5:34 PM
From: ADVFN Newsdesk.newsdesk@advfn.co.uk>

Kalahari Minerals is going well after the miner said results from Rossing South in Namibia suggest the Husab uranium project is part of one of the largest uranium mineral systems in the world.

if sp can show good strength today, then just maybe sp will zip away into uncharted waters

RNS Number : 0279T
Kalahari Minerals PLC
29 May 2009

Kalahari Minerals plc was also notified as of 15 May 2009 that Regent Pacific
Group Limited acquired 4,000,000 ordinary shares in the Company, raising its
total interest in Kalahari to 7,032,898 ordinary shares representing 3.57% of
its total voting rights.

Lovely jubbly.

XJR100

EXT up 8.47% overnight to an all time high of A$6.4, should move the price along?
cyril

KAH has been playing catch up today

EXT $7.2au all time high of which KAH hold over 91m, with aussie doller worth
aroud 50p not difficult to see the value here.
cyril

We could be about to see new highs for this stock's sp...it really not only in potential but also in sp trend looks very much like a 200p stock !.

This is really taking off today !.

strange stuff ..... volume not exceptional and no news either

Not really, more a correction to Tuesday mark down. Kah is still(even with a drop in EXT today to A$6.3) undervalued,they hold 91.5m EXT and have 197m shares in ussue themselves A$ worth 0.487 that works out at;
91.5*0'487*6.3/197 =1.425p with 4p in cash making 146.5p +its own prijects.
Out of interest URU hold 27.68m KAH shares and have 113.16m shares in issue themselvesm this works out at just under 25% so /4 to get URU's value
without Henkries and other projects.
cyril

Mark Hohnen of Kalahari Minerals Sees Real Value In His Stake In Extract Resources And Will Not Let It Go Cheaply


By Charles Wyatt



Back in September Mark Hohnen, executive chairman of Kalahari Minerals, proposed that his company and Extract Resources should work out a way of merging. The stimulus for this action was the fact that Rio Tinto had acquired a 14.9 per cent shareholding in Kalahari and a 10.9 per cent stake in Extract. The Rio stake in Extract was increased to 13.1 per cent shortly afterwards. The vendor was poor, beleaguered RAB Capital, under pressure to sell off its shares, and the transaction meant that Rio Tinto would have had 19.8 per cent of any enlarged company. This is below the 20 per cent limit which would trigger a bid under Aussie rules, but shareholders in Kalahari were worried that such a holding would enable Rio Tinto to get effective control of the merged company on the cheap, as well as allowing it to exert an unhealthy level of influence on future decisions. They were mindful that Rio Tintos big Rossing mine, which is only five kilometers to the north of Extracts own uranium prospects, has been in uninterrupted operation for 30 years and could probably do with more resources.
Mark Hohnen did the right thing in asking Rio Tinto what it had in mind and whether it would agree not to increase its holding in the enlarged company for a period of time after the planned merger was implemented. Rio had a few other things on its mind at the time, such as BHP Billiton, but it nevertheless it decided not to agree to the mooted standstill so Mark called the merger off. Throughout this period Kalahari had been very much in the driving seat due to its 39.05 per cent holding in Extract. The company used its muscle again at the beginning of December by proposing the removal of Bob Buchan as chairman of Extract. Bob, who made his name at Kinross Gold, had been brought in to raise the profile of Extract among North American investors and to help the company list on the TSX. Mark Hohnen had come to the conclusion that this was not working out, was a waste of money, and was taking eyes off the ball at Extract. He emphasises that he has great respect for Peter McIntyre and his crew, but that he wanted every effort to be thrown into increasing the value of the Rossing South uranium discovery

Extract is an Australian-based uranium exploration company operating in Namibia. Its principal asset is its 100 per cent owned Husab uranium project. This contains three known uranium targets - Ida Dome, Hildenhof and Rossing South - the last of these being its latest discovery in the area. Only last week Extract announced some huge uranium intersections at Rossing South, accompanied by high grade chemical assay results which confirmed it as one of the most significant uranium discoveries made in recent decades. It has now been found that uranium mineralisation remains open along strike to the south and down dip to the east, and thats raised expectations that the company will deliver up a much larger resource than was originally expected. According to Peter McIntyre, managing director of Extract, Major hits on the southernmost line of Zone 1 give strong indication that this zone is still wide open and we intend to release an initial resource estimate early in the New Year.

No wonder Mark Hohnen did not want Rio Tinto interfering in what could be a world class company maker (his words) for both Extract and Kalahari. His master stroke, however, was a placing to raise fractionally under 4 million earlier this month at a price of 32p per share. That was right on the share price at the time. He points out that this was the maximum number of shares Kalahari could issue at the time and, encouraged by demand, he will be back for more next year. The share price has since advanced to 36.25 p and as the peak for the shares earlier this year was just over 45p the company has clearly performed better than most of its peers.

Kalahari itself has a portfolio of copper and base metal prospects in western and eastern central Namibia. Two of the project areas, Dordabis and Witvlei, are prospective for sediment-hosted copper mineralization, while a third, Ubib, is believed to be prospective for gold, and is close to the operating Navachab gold mine. Kalahari has just completed a major drilling programme on the copper, and an initial resource estimate can be expected early next year.

The company also has a 90 per cent interest in the highly prospective Namib lead-zinc project centred around the old Namib lead mine, which was an underground operation from 1965 to 1992. Previous mine studies indicate surface tails and underground mining reserves of 1.65 million tonnes at 5.7% zinc, 1.6% lead and 40.2 grammes per tonne silver. Kalahari aims to take the project to the bankable feasibility study stage with a view to re-commencing mining operations in the short term. But current lead and zinc prices mean there is no immediate hurry.

Mark Hohnen went on to say to Minews from Namibia that recent results from Rossing South reinforce our belief that this is the most outstanding new deposit to come to market in recent years. I have just been speaking with the geologist in charge of the project and am now convinced that the initial resource will be right at the top of Extracts target range, with approaching 100 million pounds of U3O8. And this is just from the southeastern end of Zone 1. There will be more to come there and then there is Zone 2 which could be similar in size. Nor should Ida Dome be overlooked as it already has a JORC compliant resource of 25.1 million pounds of U3O8.

So lets be very conservative and assume a total resource of 150 million ounces. Forsys Metals, which operates in the same uranium district was recently acquired at a price of US$9.00 per resource pound, and the Forsys ore is lower grade. If we only take a price of US$5.00 per pound this would value Extract at US$750 million and it is only capitalised at US$190 million. You cant be surprised that I want to hang on to the 39.05 per cent holding and realise true value for my shareholders.

He has now requisitioned a meeting of Extract shareholders to discuss the removal of Bob Buchan, since Bob would not quit voluntarily. This should herald a new era in the relationship between the two companies. Constructive and helpful it will be, but Mark has put down his marker that he wants to see the rating of Extract reflect the value of its assets to a far greater extent.

Kalahari Minerals plc, the AIM listed mining exploration and evaluation group
with a portfolio of uranium, copper and base metal interests in Namibia, is
pleased to provide an update released by Extract Resources Ltd ('Extract' or
'the Company'), in which Kalahari's subsidiary, Kalahari Uranium Limited, holds
a 40.00% interest.



Kalahari Chairman Mark Hohnen said, "These results yet again underpin that
Rossing South is one of the world's most significant uranium discoveries. The
34% increase in resource for Zone 1 to 145 million lbs of U3O8 is fantastic
news and in line with our estimates. Additionally we were hugely excited about
the increase in grade which makes Rossing South the highest grade granite
hosted uranium deposit in Namibia. We look forward to Extract publishing a
maiden resource for Zone 2 in August, which we believe will elevate Rossing
South into the world's top ten global uranium deposits in terms of contained
metal. Importantly the mineralisation at Zone 1 and 2 remains open along
strike and down-dip."

cyril

Namibia based miner Kalahari Minerals (KAH) announced an upgrade of resources at its Rossing South project. The firm said uranium resources at the site were 34% higher at 145 million pounds while an increase in grades made the project one of the countrys highest grade sources. Speaking about the announcement, Kalahari Chairman Mark Hohnen stated: We look forward to Extract publishing a maiden resource for Zone 2 in August, which we believe will elevate Rossing South into the world's top ten global uranium deposits in terms of contained metal. Importantly the mineralisation at Zone 1 and 2 remains open along strike and down-dip. Kalahari shares finished unchanged at 127p

< http://www.investegate.co.uk/Article.aspx?id=20090722075834DP4DO
You might need to put KAH in the EPIC address box?
cyril

Another great update....still think that in time the sp will climb to the 190p's or so...

most of the RNS is highly technical geological gibberish, but the opening para as below is the bit we all want to know!

Kalahari Chairman Mark Hohnen said, "These are incredible results
which ensure that Rossing South is now one of the largest uranium deposits in
the world. The 82% increase in the resource at Rossing South and the gradequality mean this project is truly world class. Including Ida Dome, Extract
now has a JORC compliant resource in excess of 300 M.lbs U3O8 of which 267
M.lbs U3O8 @ 487 ppm is from the two zones at Rossing South. With both Zones 1
& 2 open along strike and down-dip we are confident that Extract has the
ground and potential to deliver on Kalahari's estimates of a resource in the
region of 500 M.lbs U3O8."

from a chart point of view, note that sp has now broken into all-time high ground ..... one way and another, very bullish

Yep !.....reading all the figures means nothing to me but I trust that there are people out there that do....a sharp climb has to come now as long as the price of uranium doesn't plummet.

Hanson Westhouse recently reported :-

"Extract Resources is trading at an EV/lb of US$6.53 which we believe includes a premium for both the anticipated resource announcement for Zone 2 of Rossing South in August and current corporate interest. This is inline with the agreement between Mega Uranium Ltd (TSX: MGA), JAURD (the Japan Australia Uranium Resources Development Co. Ltd.) and ITOCHU Corporation (ITOCHU) for 35% of the 23.7Mlbs U3O8 (8.4Mlbs attributable) Lake Maitland project in Australia which has an EV/lb of US$5.9 per lb. We believe this is the M&A value of pre-development uranium in the ground. "

http://www.wametals.com.au/investors/research_pdfs/090713_hansonwesthouse.pdf




au$7.58 values the updated resource at us$4.84 per pound.

At us$5.9 per pound, EXT would have a share price of au$9.24

The value of Kalahari's EXT @ au$9.24 would be 2.14 per share


EXT @ au$9.24 gives a look-through value of :-
URU = 50.43p
EML = 11.89p
PRL = 4.07p
NWT = 15.90p (Canadian 28.74c)
cyril

Well, I was expecting Lady KAH KAH here.. to rise a bit more than this today....staying put on my stock anyway...

disappointing that sp failed to hold through all-time high

Anybody any idea what the price of uranium is doing at the moment ?....

Uranium rose as high as $136 per pound in 2007 (from a low of $8 per pound in 2002). That means the price of uranium jumped about 1600% between 2002 and 2007.

However, prices soon came crashing down:

As you can see, things haven't been pretty for uranium lately. The spot price for U3O8 recently fell another $2 per pound and now stands at $49 a pound.

========
actually you can't see, because the chart didn't or wouldn't copy across

Thanks for the info....this drop might hold the sp back then...

it hasn't been a recent drop ..... indeed, price has recovered from about $40 over the last couple of months

Still climbing....gently day by day....now breaking new ground ..

9% rise so far today...160p....looking great..

Extract(pun)from todays RNS.

Kalahari Minerals plc, the AIM listed mining exploration and evaluation group
with a portfolio of uranium, copper and base metal interests in Namibia, is
pleased to provide an update released by Extract Resources Ltd (`Extract' or
`the Company'), in which Kalahari's subsidiary, Kalahari Uranium Limited, holds
a 40% interest.

Kalahari Chairman Mark Hohnen said, "This is great news with preliminary cost
estimates indicating that Rossing South could support a profitable, long life,
low cost, low technical risk uranium mine producing 14.8M lbs U3O8 per year,
making it one of the world's largest uranium mines. Importantly, Namibia
already hosts other world class uranium projects including Rio Tinto's Rossing
and Paladin's Langer Heinrich uranium mines, located either side of Extract's
project, therefore providing good infrastructure and knowledge of the sector,
which would greatly assist in the development of Rossing South.

"With a JORC compliant resource of 267 M.lbs U3O8 @ 487 ppm, Rossing South is
already one of the world's largest uranium deposits. However, it has
considerable additional potential as the uranium mineralisation on all zones
drilled to date is still open at depth and along strike. This confirmed
resource and the outstanding exploration potential still to be tested across
the whole Husab project should ensure a long and successful mining operation.
As we have mentioned in previous announcements, we believe that Extract has the
ground and potential to deliver on Kalahari's uranium estimates of a resource
in the region of 500 M.lbs U3O8.

"We look forward to receiving regular updates from Extract as it advances the
Prefeasibility Study, prior to embarking on the Definitive Feasibility Study
and ultimately potentially creating one of the world's largest uranium mines."

Extract announcement:

STUDY HIGHLIGHTS

* Production rate 15.0 M tpa

* Estimated head grade 487 ppm U3O8
cyril

banked 50% of these the other day at a respectable profit, albeit that it has proved pretty premature ..... never mind

Still in and wondering where the top is ?,....in future years this should be worth several times what it is today but there is the high possibility of a takeover before then.

my thought exactly ..... it's so easy to get sucked in and then to suffer, though in this instance, at least there is something (concrete!!) on which to hang ones hat ..... slightkly curiously perhaps, though sp is nicely up, trading volume is still very low at 115k

i was also interested to read the bit about sulphuric being a high cost item for them.
it's actually very cheap to produce, but i guess if you have to bring in parcel tanker loads from say india and then store it, the unit cost goes up several-fold

That'll be Rio's problem imo, as they seem fav's to any take over of the
Rossing South.With their own Rossing project next door, less inrurstructure and associated costs known.
EXT would be the obvious t/o target but KAH could be a cheap way of doing so?
cyril

More resource cheer from Kalahari - article on Growth Company Investor
http://www.growthcompany.co.uk/news/1063592/more-resource-cheer-from-kalahari.thtml

And thar she blows again....no stopping this at the moment...

And still the rise is continuing....amazing....just hoping we are not about to go over a cliff....where is the top ?....a bid from Rio might not emerge, so that is like clutching at straws....it would be nice to bank my gain here but I would kick myself into an early sale...decisions ..decisions...shall have to think this over a drop or two of wine this weekend ...

you can't go broke banking a profit ..... that said, i am marginally cross with myself for having sold 50% of my holding, albeit at a reasonable profit, about 2 weeks ago .... however, i was really a bit o'weight in these and really just brought the stake back to about 80% of my norm

You can't be more pi**ed off than me, I watched it come back to 116p and waited for a bit more, missed the boat altogether... Ah well. GKP made up for it..:)

.

How much higher can(will)it go short term is i suppose, the question. For me the driving force is undoughtably EXT's Rossing South's project,so we
should keep a close watch on the SP, which is A$8.13 at the moment.
On the face of it theirs not much left for KAH in relation to EXT's SP,so short term one could look at URU or EML(still kicking myself for not buying
EML at 5.12p earlier in the week,up over 25%). Take URU which i'm heavily
invested as cheaper way in,to value its 27.68m KAH's shares, a quick way
would be to take 23.5% of the SP. 181.75% works out at 42.7p (29.25p),a
discount of roughly 32%.

EXT seems to be a prime candidate for a take over and RIO is ideal placed to best develop this resource, Their's a belief that the SP could reach A$15
if taken out(which is just short of doubling the SP), so perhaps its this thats
keeping the momentum going???
cyril

BB .... you can't back 'em all .... if you did, you'ld lose your shirt .... whatever anyone says, buying shares is a gamble .... there are rarely any certainties, unless you are BM, and if you were, you would now be lolling around being served free B&B though in no great great comfort, rather than on your mega-yacht

August 17, 2009

A Bright Future Beckons For Kalahari Minerals As Extracts Uranium Resource Base Continues To Grow And Grow


By Charles Wyatt



Aim-traded Kalahari Minerals may have a portfolio of projects In Namibia that includes gold and base metal projects, but uranium via its 40 per cent holding in Extract Resources is key to its future. On the telephone from Perth executive chairman Mark Hohnen says the other assets, which include the Namib lead-zinc project, the Ubib copper-gold project and a couple of properties on the Kalahari copper belt are all being assessed at the moment, and that their future will be decided before the end of the year. Extract's main asset is the Husab uranium project, located approximately 45 kilometres north-east of Namibia's main port - Walvis Bay. The project is strategically located within what is called Alaskite Alley, which is named after the granitic rock there thats composed mainly of quartz and alkali feldspar, the same rock that hosts the uranium mineralization for several world class uranium deposits that are in the area.
Two of these deposits are already in production Rio Tintos 68 per cent owned Rossing Uranium deposit to the north, which supplies eight per cent of the worlds uranium, and the Langer Heinrich deposit to the east, owned by Paladin Resources. Rossing has been in production for the last 30 years, while Paladin Resources brought Langer Heinrich into production in early 2008. Both of these deposits are located within 30 kilometres of Husab, itself split into the Rossing South and Ida Dome deposits. The resources at Rossing South continue to grow and grow, and as the mineralization is open at depth and along strike there is no reason to believe that the end is yet in sight. Indeed, Mark Hohnen is prepared to suggest that Extract has the ground and potential to deliver a resource in the region of 500 million pounds U3O8. This would rank it near the top of the top ten of the worlds biggest uranium deposits.

Small wonder Rio Tinto is keeping a very close eye on progress and has shareholdings in both Kalahari Minerals and Extract Resources. At the moment these amount to only 13.9 per cent and 15 per cent respectively, but the UK giant must wish it had had the courage to make a pre-emptive move for both companies in the depth of the chaos that engulfed the junior mining sector at the end of last year. At that time the share price of Kalahari went as low as 25p, compared with the present 179p per share. Extract put up a similar performance. But at that time too, Rio Tinto had problems of its own with the Chinese, the Australian authorities, and BHP Billiton, so probably took its eye off the ball. Even the biggest mining companies are prone to do this when the worlds finances are in complete disarray.

At the beginning of July Extract announced a further 34 per cent increase in the resources at Zone 1 of Rossing South. At the time Mark Hohnen said: These results yet again underpin that Rossing South is one of the world's most significant uranium discoveries. The increase in resource for Zone 1 to 145 million lbs of U3O8 at 449 ppm [parts per million] is fantastic news and in line with our estimates. Additionally we were hugely excited about the increase in grade which makes Rossing South the highest grade granite hosted uranium deposit in Namibia. Mark was in danger of running out of superlatives, but later that month he had to dip into the barrel again when Extract announced a maiden resource for Rossing South Zone 2 of 122 million pounds U3O8 at 543 ppm.

This time he commented: "These are incredible results which ensure that Rossing South is now one of the largest uranium deposits in the world. The 82 per cent increase in the resource at Rossing South and the grade quality mean this project is truly world class. Including Ida Dome, Extract now has a JORC compliant resource in excess of 290 million pounds U3O8 of which 267 million pounds U3O8at an average grade of 487 ppm is from the two zones at Rossing South. Ida Dome should certainly not be overlooked as it also has the potential to expand its resource, but Mark is now starting to get excited about the potential of Zone 3 at Rossing South. Extract has not said much about this to date, but exploration is taking place there and the initial feedback is very promising. No wonder the estimate of an eventual resource for Rossing South plus Ida Dome has now reached the 500 million pounds mark.

The latest announcement from Extract is that a preliminary costs estimate study has been carried out at Rossing South, and the result is positive. The conclusion was that the project can support a viable open pit mining operation developed to feed a 15 million tonnes per year agitated tank sulphuric acid leach processing plant. Annual production has been estimated at 14.8 million pounds U3O8, with capital costs estimated at US$704million and operating costs coming in at US$23.60 per pound of U3O8. As Peter McIntyre, managing director of Extract says, this profitable operation could have a life of more than 20 years based on current resources. We are continuing with our metallurgical testwork and engineering optimization that will consider other options including a heap-leaching component.

The current market capitalisation of Kalahari is 344.75 million (US$558.4 million). Now that the stage has been reached of carrying out cost estimates it is permissible to put a value on the companys assets. At the moment Kalahari has a 40 per cent interest in Extracts uranium resources and it would be reasonable to value these at US$6.00 per pound, compared with the current market price of US$48 per pound, based on the prices applicable in recent takeovers. On this basis a value of US$700 million emerges, but this only applies to the current resources. If and when the combined resources reach 500 million pounds the value for Kalahari would be US$1.2 billion. It is worth remembering this hefty discount as Extract gets steadily closer to production, as Mark Hohnen reckons it will reduce steadily over the months ahead.

Talking about production, it is certainly Extracts intention to achieve this as soon as possible. Mark reckons that if everything goes to plan and schedule feasibility, funding and construction uranium could be produced from Rossing South by the end of 2012, with such a rapid startup being due to the prevalence of infrastructure and the projects proximity to the coast. Mining projects rarely run on rails so the beginning of 2013 looks a safer bet, but either way a bright future beckons for both Extract and Kalahari.

cyril

Nice one cyril! Could not resist adding at today's price.

sold yesterday at 166 (at a good profit) in case markets really took fright but bought back this morning at 160

EXT up in Australia, hit A$9 before settling at a little under.The following
has been copied from another board by an accomplished pi,i'm sure he won't mind?

As you know, I spent some time factoring all warrants and options in to my spreadsheet last week.

If all options are exercised, nearly all of them push the valuation down slightly, but URU have some at 50p which would actually push the valuation up. Therefore the figure below are 'worst case' figures for look through value to EXT (ignoring all other assets and cash) assuming all KAH warrants & options are exercised, all URU options up to 37p are exercised & all 'in the money' EML warrants & options are exercised.

KAH - 201.1p ---- 16.01% discount to EXT--- needs to rise by 19.18% for parity
URU - 45.09p ----- 34.58% discount to EXT ---needs to rise by 52.85% for parity
EML - 10.11p ---- 22.10% discount to EXT --- needs to rise by 28.37% for parity

(I haven't looked up NWT's warrant/option situation yet)
NWT is an Canadian company with a large stahe in URU (via the Niger project) and even more of a bargain,trading on the TSX.
cyril

is this rights issue deal of 1:35 @ 19% discount, rns after hours, good, bad, or indifferent to holders?
at least holders get a look in for a change

Not sure, at the moment I'm out of the car (KAH) and playing polo (PRL)....probable RNS there tomorrow morning.

*************************************************
BREAKING NEWS
*************************************************

EXT over $10

Zone 3 announcement !

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Extract Resources Managing Director, Mr. Peter McIntyre, said The rapid growth of Zones 1 and 2 is now being complimented by the potential of a third zone of mineralisation along the same Rossing South trend. The potential of the entire 15 kilometre trend is enormous, with some degree of mineralisation being encountered on every line drilled to date.

The Company intends to add further value to the project through ongoing exploration and resource definition drilling aimed at defining the full potential of the project. The Company is also, pushing ahead with the Rossing South Feasibility Study on Zones 1 and 2 to get the project into
production in the shortest possible time frame.

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Six page cover story article on Extract

http://paydirt.com.au/aurora/assets/user_content/File/pdsept09covStory.pdf

Should see a strong rise tomorrow!

Maybe not with markets falling around the world,will take some of the heat out of
stocks?
cyril

We shall see!

niceonecyril: EXT is currently up in Canada, despite Wall St. Now trading at Canadian $8.4 up from $8.0. Also closed in Australia at A$10.06, but will go XR tomorrow.

EXT seems to have closed up 10% in Canada

Kalahari raises 20m
Business Financial Newswire
Kalahari Minerals - the mining exploration group with a portfolio of uranium, copper and base metal interests in Namibia - has conditionally raised 20m through the placing of 11,764,706 shares with new and existing shareholders.

The funds raised will be used to satisfy the company's commitments with regard to the proposed A$91m equity raising announced by Extract Resources Ltd on 26 August so as to maintain its circa 40% shareholding in Extract, held through its 100% owned subsidiary Kalahari Uranium Limited.

Some nice buys are going through this morning.

Tuesday, September 01, 2009

Kalahari Minerals says Extracts Rossing South likely to hold third mineralised zone
by Andre Lamberti

Kalahari Minerals PLC (AIM: KAH) announced a further fundraising aimed at maintaining its 40 percent stake in Extract Resources Ltd (TSX, ASX: EXT) which controls the Husab project in Namibia and its Rossing South uranium deposit. In a separate statement, it said exploration at Rossing South is increasingly indicating a third mineralisation zone along the same trend as Zones 1 and 2, and believes that the true scale and magnitude of the Rossing South project is some way off from being understood.

Kalahari has conditionally raised 20 million via placing 11.76 million new shares at 170 pence each. Furthermore, the company is in advanced discussions to raise an additional 10 million before expenses through the issue of convertible bonds, details of which will be published shortly. Kalahari will use the funds to satisfy its commitments with regard to the proposed A$91 million equity raising announced by Extract last week so as to maintain its stake.

Extract has announced that the proceeds of its proposed fund raising will primarily be used to accelerate and increase the drilling programmes for Zones 1 and 2 and to extend the regional exploration programme which will include areas of identified mineralisation located south of Zone 2.

Kalahari chairman Mark Hohnen said: "The Rossing South prospect continues to deliver outstanding results that underpin our confidence in the potential of this uranium prospect. Exploration lines in the newly identified Zone 3 have yielded some exceptional results which reinforce the potential of a third zone of mineralisation.

Kalahari cited an Extract statement from yesterday saying that chemical assay results have confirmed strong uranium mineralisation 1.2 kilometres south of the current Zone 2 resource area. Reverse circulation drilling at the potential new zone returned 72 metres at 676 parts per million triuranium octoxide, including 35 metres at 866 ppm U3O8. Extract is confident that a second line of drilling, 400 metres to the South, will continue to extend and increase the known dimensions of mineralisation.

Extract Resources Managing Director Peter McIntyre, said: The rapid growth of Zones 1 and 2 is now being complimented by the potential of a third zone of mineralisation along the same Rossing South trend. The potential of the entire 15 kilometre trend is enormous, with some degree of mineralisation being encountered on every line drilled to date."

Extensive exploration potential still remains to be tested throughout the Husab project with priority given to Rossing South.

One RC rig is currently drilling at the Salem prospect, approximately 10 kilometres south of Rossing South. Initial handheld spectrometer results on drill samples, from all the holes completed so far at Salem, are very encouraging - with numerous zones of uranium anomalism being returned, according to Extract.

Ambrian Capital issued a note on Kalahari, calling the news a double-wammy for Extract, and by extension Kalahari. It previously valued Kalahari at 2.19 per share, but has now suspended its valuation and recommendation pending admission of the new shares to trading.

Regarding the first results from Zone 3, the broker said this is the first hole released and we expect more like it. Although only one hole has been assayed chemically, the company map shows five more holes with good grades and widths from hand held spectrometry.

With these new drill results confirming our speculative view of Zone 3, and Salem likely to add to this, we are now confident that the resource will ultimately reach 500 million pounds of U3O8, and may even exceed that, it added.

EXT: Nice rise last night, down under!

A single trade of 611,839 bought at 180p this AM

A few words from Mining News, dated the 4th Sept, today.

"Already the seventh-largest uranium deposit in the world, McIntyre said in 12 months Rossing South could knock off McArthur River as the largest, bar Olympic Dam".

7 September 2009

Kalahari Minerals plc (`Kalahari' or `the Company')

Raises 10 million through issue of Convertible Loan Notes

Kalahari Minerals plc, the AIM listed mining exploration and evaluation group
with a portfolio of uranium, copper and base metal interests in Namibia,
announces that further to the announcement made on 1 September 2009 regarding
the placing of new ordinary shares to raise 20 million, the Company has raised
a further 10 million following the receipt of irrevocable commitments to
subscribe for secured convertible loan notes (`the Loan Notes').

The Loan Notes (which will not be listed) will be issued pursuant to the terms
of a loan note instrument to be dated on or around 7 September 2009 (`the Loan
Note Instrument'). Under the terms of the Loan Note Instrument, the Loan Notes
may be converted into ordinary shares of 1p each in the Company (`Ordinary
Shares') at any time on or before the second anniversary of execution of the
Loan Note Instrument at an exercise price of 212.5 pence per Ordinary Share, or
at 195 pence per Ordinary Share in the event that there is a transfer of, or
relinquishment of control over at least 50% of the Ordinary Shares of the
Company to a third party within 6 months of the date of the Loan Note
Instrument.

In the event that the Loan Notes are not converted on or before the second
anniversary of execution of the Loan Note Instrument the Loan Notes shall be
repaid together with compounded interest at a rate of 10 per cent. per annum.
Kalahari has a right to pre-pay any or all of the Loan Notes at any time after
the first anniversary of the date of execution of the Loan Note Instrument. In
the event that Kalahari elects to pre-pay any or all of the Loan Notes it will
also be required to pay a premium of 10% of the Loan Notes plus any accrued
interest.

Kalahari will grant security for the Loan Notes over 2,650,000 ordinary shares
in Extract Resources Limited held by its subsidiary Kalahari Uranium Limited.

The Company has not paid any commissions in relation to the grant of the Loan
Notes.

The funds raised through the issue of new ordinary shares and convertible loan
notes will be used to satisfy the Company's commitments with regards to the
proposed A$91 million equity raising announced by Extract Resources Ltd
(`Extract') on 26 August 2009 and to maintain its circa 40% equity position in
Extract, held though its 100% owned subsidiary Kalahari Uranium Limited.

cyril

EXT hitting and holding A$10 with heavy trading at present.
cyril

Looking better by the day!

Taken from today's RNS showing Prudential have increased their holding to 9.6%

RNS Number : 6545Y

16:21 Kalahari Minerals (KAH) Holding(s) in Company

07 September 2009

Prudential plc group of companies

Date on which issuer notified: 04 September 2009

7. Threshold(s) that is/are crossed or reached: 9.6%

Since the last RNS, it's interesting to see who now owns a big stake in Kalahari:

Rio Tinto 28,179,810 13.5%

Niger Uranium, Ltd 27,680,000 13.2%

M&G Investment Management 20,075,000 9.6%

Emerging Metals Limited 17,600,000 8.4%

Coronet Resources Limited 16,000,000 7.7%

Blakeney Management Limited 13,440,000 6.4%

New City Investment Managers 7,336,667 3.5%

Eden Group 6,728,694 3.2%

Regent Pacific Group 6,532,898 3.1%

Broken the 200p barrier at last!

Sarah-Jane Tasker | September 14, 2009
Article from: The Australian
PETER McIntyre was so close to fulfilling every junior explorer's dream, but the former Extract Resources boss has cruelly had to bow out and watch from the sidelines as his company steers its way into production at its world-class uranium mine.

Mr McIntyre, 53, is clearly disappointed he will not experience the joy of turning the company's Namibia discovery into a mine, but rather than enter into a public battle with major shareholder Kalahari Minerals, he has chosen to step aside.

The mining veteran of 30 years spent his last day as Extract managing director on Friday at the company's Perth office.

His success in transforming the company from a $4.5 million junior player into a $2.3 billion miner is certain to put him on the wish list of many companies.

Extract started out in late 2003 as a back-door listing through a gold project, and its interest in its flagship uranium mine in Namibia started with a 51 per cent stake in the licences, with AIM-listed Kalahari Minerals holding the remaining interest.

The junior's original focus was copper, but with the tenements neighbouring Rio Tinto's massive Rossing uranium mine, the junior soon decided to sell its gold assets and focus purely on uranium.

"When you are in a world-class address, there is the hope you are sitting on a world-class deposit," Mr McIntyre said.

The company's Husab uranium project, containing the Rossing South and Ida Dome deposit areas, quickly became its focus, and Mr McIntyre soon moved to pull the asset solely under the Extract banner. In that process, Kalahari secured its original 36 per cent stake in Extract.

Mr McIntyre said it was a good consolidation strategy, but it didn't stop there.

Around March 2007, Mr McIntyre moved to tidy up the junior's ownership structure.

Once a 1.5c stock, Extract had a large number of shares on issue that were often subject to the whims of day traders.

When shares rose to 9c, the company conducted a share consolidation to crunch the number of shares, making itself appealing to institutional investors.

With the company starting to take "corporate shape", Mr McIntyre's focus returned to the project site and the original plan to explore the uranium area.

But it was during this time a significant change for the company was born, when it decided to look elsewhere.

"We went from the known into the unknown into the oldest desert in the world," he said.

"No one had ever looked under the sand."

Extract focused on an area 5km south of Rio's hugely successful Rossing mine, where it had identified a good target and from the first line it hit in late 2007, the exciting feeling a junior explorer gets when it believes it's on to a good find began to be felt around the company's boardroom.

By February last year, the company had announced a major uranium discovery at the Rossing South exploration target, sending its shares on a steady climb.

"I have never won lotto before but there is a lot of luck in finding what we did and being at the right place at the right time," Mr McIntyre said.

He had taken his son on his first trip to the African project when the good news flowed in and "was prepared to start hiring him out as a lucky charm".

Rio Tinto had missed out on the expansion upside from its nearby project, having stopped short of extending its reach in the area because of the discovery it made more than 30 years ago.

Extract was fortunate enough to secure the licence next door to Rio's project, before the uranium price increased, fuelling renewed interest in the sector, and in September last year Rio bought 11 per cent of the explorer.

Although the global financial crisis was starting to bite and Rio was going through its own issues, it still increased its share to 15 per cent by December.

"It was an endorsement by Rio Tinto and stamped what we had and was telling the market they clearly endorsed the work we were doing," Mr McIntyre said.

The downturn that crippled many other miners didn't deter Extract's push.

"We continued to be aggressive on the project during that period and ploughed ahead, which was a defining moment for the company," he said.

But Mr McIntyre's key role in building the company into a $2.3bn emerging miner wasn't enough to keep his largest shareholder happy.

He refuses to dwell on the reasons for his decision to resign but Kalahari, which owns 38.7 per cent of the miner, moved in May to remove him as a director.

And it wanted another board seat while Extract's next two biggest shareholders, Rio Tinto and Polo Resources, also called for boardroom representation.

Mr McIntyre said he took the view that it would be better to step aside rather than go through the process of calling a public meeting, where investors would be asked to vote on his removal.

"It is not good for a company to go through these episodes and it is embarrassing for the company," he said.

"It was unfortunate and it is disappointing not to take the company to the next phase.

"It's not easy, but you're in a public company and you have to accept it."

His replacement has not been named but Mr McIntyre is positive the team in place will fulfil his dream of turning the discovery into a successful producing mine, with 2013 the target for first output.

He still owns a sizeable stake in the company, valued in excess of $56m at the time of his departure, bolstered by his decision last week to convert one million of his directors' incentive options into shares.

Mr McIntyre plans to take a break from work, but not surprisingly, he will continue to keep a close eye on the Extract story.

"When this great project comes into development, I hope I go to the opening ceremony and cut the ribbon," he said, adding that he had no plan to sell his shares. He believes the project could outshine Rio's mine and become the largest pure uranium deposit in the world.

From another BB:

Worth looking at City Natural Resources High Yield Trust (CYN) who have EXT and KAH as top 2 holdings and runs at a decent discount to NAV. Also some other goodies in there.

1. Extract Resources 6.2
2. Kalahari Minerals 4.9
3. Goldcorp 4.9
4. New Britain Palm Oil 2.9
5. Kiwara 2.7
6. Nido Petroleum 2.7
7. REA Ordinary and 9.5% Pref 2.7
8. Randgold Resources 2.0
9. FMG Finance 9.75% 2013 1.7
10. Pike River Coal 1.7
Top 10 holdings represent 32.4%

Extract still rising in Australia. Up about 5% overnight.

While a nice rise its in keeping with the ASX as a whole?
11.17 assie dollars.
cyril

EXT below A$9 now,probanly the reason for KAH's fall in the SP at 183.5p on low volume.Could be a top up time as news of Zone 3 imminent,which should start the ball rolling again?
cyril

From todays interims;

Chairman's Statement

The highlight for us during this six month period was the
confirmation from Extract Resources Limited that its Rossing South uranium
deposit is the largest uranium discovery made in recent decades. With a
current JORC resource of 267 M lb U3O8 for Zones 1 and 2 of Rossing South
alone, Kalahari maintains that Extract has the ground and potential to deliver
a total resource well in excess of 500 M lbs U3O8 from the entire Husab
Project, which places it amongst the largest uranium projects in the world.
Indeed, if the mineralisation continues at Rossing South, into further zones
south of the initial two zones, as we expect, and has been indicted in recent
announcements by Extract regarding the emergence of Zone 3, Extract will have
a uranium project which will rival BHP Billiton's Olympic Dam project. With a
circa 40% interest in Extract, this naturally bodes well for Kalahari and its
shareholders and, accordingly, I believe that it is imperative for Kalahari to
maintain, and ideally increase, this exposure to Extract. With an exciting
portfolio of additional copper, gold and other base metal assets which we are
actively looking to develop further and ascribe increased value to over the
short to medium term, I am confident that Kalahari has a very bright future.

Uranium Interest

Extract's Husab project, located in one of the world's most
prolific uranium regions, has two defined uranium resources, being Rossing
South and Ida Dome. Recent focus has centred on the world class Rossing South,
which from discovery in February 2008, already has a JORC compliant resource
of 267 M lb of U3O8 at a grade of 487 ppm from Zones 1 and 2, which are both
open at strike and down-dip. This has defined it as the highest grade
granite-hosted uranium deposit in Namibia (the grade is more than 50% higher
than Rio Tinto's operating Rossing Mine) and ranks it as the seventh top
global uranium deposit by contained metal.

Preliminary cost estimates indicate that Zones 1 and 2 could
support a profitable, long life, low cost, low technical risk uranium mine
producing 14.8M lbs U3O8 per year, making it one of the world's largest
uranium mines.

Ongoing drilling is expected to define a much larger resource with
9 km of the prospective 15 km Rossing South trend still to be explored.
Current drilling is focussed on exploring mineralisation south of Zone 2,
referred to as the newly emerging Zone 3, and is yielding exceptional results.
A drilling programme is also underway at the Salem prospect, which is 10 km
south of Zone 2 and which is also demonstrating highly encouraging
intersections.

Ida Dome, the second key area within Husab, has a current JORC
resource of 25.1m lbs U3O8 within the Garnet Valley, New Camp and Ida Central
zones. These areas have not as yet been closed off and are expected to
continue to grow along with future resource drilling on Holland's Dome, which
is also within Ida Dome. We expect that additional drilling programmes at Ida
Dome will define a resource in excess of 40 M lb U3O8, adding to Extract's
already enormous resource at Rossing South, also within the Husab Uranium
Project.

As we strive to ensure that Extract delivers exceptional operating
performance and maximise the value of our investment, we have become involved
in a number of key decisions. During the period, we successfully instigated
various board changes at Extract, marking a significant strengthening of the
leadership team and bringing a strong Namibian representation, which we
believe is important given the geographical location of Extract's projects.
These appointments include the Namibian national Inge Zaamwani-Kamwi, who
joined as a Non-executive Director, along with additional new Non-executive
Directors, John Main, Stephen Dattels and Chris McFadden.

Copper and Base Metals Assets

Kalahari maintains an exciting portfolio of copper and base metal
assets across Namibia. It is currently analysing data generated from drilling
programmes at these projects during 2008 with the aim of defining +250,000
tonnes of copper metal at its two key projects, Dordabis and Witvlei, and
bringing the Namib zinc lead mine back into production.

Whilst results from all these projects have been encouraging, the
Board is aware that little value is being attributed to them by the market. We
are therefore reviewing various options available to the Company to maximise
each project's potential to the benefit of our shareholders.

Financial Overview

Recognising our need to maintain and increase our position in
Extract, on 1 May 2009 we announced that a placing of 17,890,000 new Ordinary
Shares to raise GBP17.89 million at 100 pence per share had been completed for
the use of maintaining, or if possible increasing, our position in Extract
Resources which at that time stood at 38.50%. At the period end, Kalahari's
cash position was GBP6.36 million.

Post period end we raised additional funds through a placing of
11,764,706 new Ordinary Shares to raise approximately GBP20 million at 170 pence
per share, and the issue of convertible loan notes to raise a further GBP10
million. The intended use of the proceeds of the placing and convertible loan
notes was to satisfy the Company's commitments with regard to the proposed
A$91 million equity raising announced by Extract on 26 August 2009 so as to
maintain our circa 40% shareholding.

Over the period we have welcomed major new institutions to our
shareholder base, whilst also maintaining our strong relationships with our
established shareholders.

Corporate Overview

We strengthened our team with the appointment of two new
Non-executive Directors, Neil MacLachlan and David de Jongh Weill, who both
have exceptional qualities and experience and have already given the Company
valuable advice and support. We are delighted to welcome them to the team.

Outlook

Rossing South remains of considerable importance to Kalahari, and
we therefore look forward to results from its exploration and resource
definition drilling, aimed at defining the full potential of the project.
Extract is, with Kalahari's full support, pushing for the completion of the
Feasibility Study on Zones 1 and 2, which is being conducted with the
intention of bringing the project into production in the shortest possible
time frame.

We have maintained a robust balance sheet and outstanding
shareholder register, which has continuously supported our vision, all factors
which stand us in good stead for the future. We are confident that the
fundamentals of our commodities remain attractive and that significant value
can be added to them, which in turn will be reflected in our share price.

Mark Hohnen

Executive Chairman

30 September 2009

cyril

Flying again at 205p.
cyril

Yes,......a real sudden jump...

RNS...high grade uranium found...

Excellent news from 40% owned stake in Extract lifts KAH, a more muted response from PRL (9% stake)atm.
2517

Kalahari Minerals reveals 'spectacular' results which confirm a new high grade zone of mineralisation at the Rossing South project.
It said the results from Extract Resources - in which Kalahari's subsidiary, Kalahari Uranium, has around a 40.5% stake - showed significant mineralisation.
Kalahari chairman Mark Hohnen said these results were spectacular and confirmed that a new high grade zone has been discovered on the Rossing South prospect.
He added: "With a further zone of mineralisation, Extract's results continue to reinforce our position that Extract has the potential to deliver well in excess of 500 M lb U308.

sp now breaking into new all-time high ground ..... if maintained, then could signal further (significant?) strength

The thing is to get this gem into production now.....even though uranium is dangerous (unless monitored) it is the only way forward for the human race to produce enough electricity....coal and oil just pollute the planet.....KAH can help.

The NRRP is seen as positive and of clearing the decks for a buy out of KAH for it's RS assets?
i've put some info on the URU thread,hope it helps??
cyril

Extract Inundated by Potential Namibia Uranium Mine Partners

By James Paton

Oct. 16 (Bloomberg) -- Extract Resources Ltd., a uranium explorer whose shares have surged almost eightfold in Australia this year, said it has been inundated with requests from companies proposing to join or take over its Namibian project.

Were looking at options to see whether one of the big players would want to come in on a strategic partnership level, Chairman Steve Galloway said in an Oct. 13 telephone interview from Namibia. Extract is being advised by Rothschild, the largest family owned bank, and may ask shareholders in November to consider proposals to bring its Rossing South mine to production, he said. He didnt name any potential partners.

Extract, 15 percent owned by Rio Tinto Group, has gained more this year than any other stock in Australias S&P/ASX 200 Energy Index as investors bet countries will turn increasingly to nuclear power, using fuel derived from uranium, in response to climate change. Drilling at Rossing South suggests it could become one of the worlds largest uranium mines, Galloway said.

Investors are jostling for a piece of the action, said Gavin Wendt, an independent resources analyst who has followed Extract for three years and met with executives from the explorer in the southwest African country about two months ago. A joint venture, possibly with Rio, may be the most likely scenario, he said, adding that the stocks remarkable ride has driven up the potential acquisition cost.

Extract Resources has told suitors were not for sale, Galloway said. Rio Tinto doesnt comment on market rumors or speculation, Tony Shaffer, a spokesman for the company, said by phone from Melbourne yesterday.

Fund Raising

The stock traded at A$10 at 11:10 a.m. in Sydney, valuing the company at almost A$2.4 billion ($2.2 billion), compared with about A$311 million at the end of last year.

The Perth-based explorer may sell more than $700 million in shares and debt in 2011 to bring the Rossing South mine into production, Galloway said. Thats in addition to A$91 million it raised this year by issuing equity.

The Australian company has appointed a chief executive to run its Swakop Uranium subsidiary and oversee development of the mine. Galloway declined to name the person before an announcement due today. Extract also expects to replace Managing Director Peter McIntyre, who stepped down in September, by early next year, he said.

Extract said Oct. 9 it found new high-grade mineralization at Rossing South and estimated the total uranium resource could reach 500 million pounds. The deposit is about 7 kilometers (4.4 miles) from Rio Tintos Rossing mine and approximately 30 kilometers from Paladin Energy Ltd.s Langer Heinrich project.

No Bad News

We keep finding better and better resources, said Galloway, a former mineral economist with the Namibian government. We havent seen bad news yet.

London-based Kalahari Minerals Plc, which owns about 41 percent of Extract, said Oct. 9 the project potentially could rival the worlds biggest known uranium deposit at BHP Billiton Ltd.s Olympic Dam. BHP wouldnt provide an estimate in pounds.

Even before the latest drilling results, Brock Salier, an analyst at Ambrian Partners Ltd. in London, said in research notes that he was confident Extracts resource could exceed 560 million pounds. In an e-mail yesterday, he wrote that the update from Extract showed not only some of the widest, but highest grades, weve seen to date.

Rossing South may be able to produce more than 15 million pounds of uranium oxide a year, a huge amount, Galloway said.

Profitable Business

A possible risk to profits is that a lot of other uranium comes on stream, curbing gains in the price of the nuclear fuel, he said. But I think, over the long run, uranium will be a very profitable business.

The uranium market will have a surplus next year for the first time in at least three years as producers increase output faster than demand rises, the London-based World Nuclear Association said in a Sept. 10 report. Secondary sources such as stockpiles will supply 18,711 metric tons in 2010 compared with 17,620 tons this year, the report showed.

Uranium prices, which peaked at $136 a pound in 2007, rose 5.7 percent in a week to $46 a pound on Oct. 12, Ux Consulting Co. said in an Oct. 13 report.

Extract expects favorable supply and demand conditions when Rossing South is projected to begin production in 2013, Galloway said. By 2013, 2014 there will be a space for new uranium on the market.

Some 440 commercial nuclear power reactors operate in 30 countries, with a further 30 under construction and another 90 planned, the World Nuclear Association said in a March report posted on its Web site.

Galloway said the company is at a crossroads as it explores partnership options and considers whether to expand beyond a single project in a single country. For now were trying to get on with developing the resource as fast as we can, he said.

To contact the reporter on this story: James Paton in Sydney jpaton4@bloomberg.net.

Last Updated: October 15, 2009 20:31 EDT

Kalahari Minerals plc / Ticker: KAH / Index: AIM / Sector: Mining & Exploration

16 October 2009

Kalahari Minerals plc (`Kalahari' or `the Company')

Extract appoints new CEO for Swakop Uranium

Kalahari Minerals plc, the AIM listed mining exploration and evaluation group
with a portfolio of uranium, copper and base metal interests in Namibia, is
pleased to announce that Extract Resources Ltd, in which Kalahari has a 40.88%
interest, has appointed Mr Norman Green as Chief Executive Officer of its
wholly owned Namibian subsidiary, Swakop Uranium (`Swakop').

Mr Green is a graduate of the University of the Witwatersrand and a
professional engineer, with considerable experience in southern Africa. Mr
Green has successfully acted as project leader on numerous mining projects,
including the commissioning of a number of mines, such as the Skorpion Zinc
mine and a refinery project for Anglo American Base Metals in Namibia. He has
also worked with Impala Platinum Limited, Assmang Limited and Gencor, now part
of BHP Billiton, notably on their Hillside Aluminium Project. Mr Green will
reside in Namibia, with his primary role being to build a Namibian team to
develop the Rossing South deposit, taking it from a world class discovery to a
world class mine, capable of producing at least 15 Mlbs per annum of uranium.

Kalahari Chairman Mark Hohnen said, "We welcome the appointment of Norman to
lead the Swakop team, as he has a huge amount of experience in the resource
sector in southern Africa, and importantly in Namibia. In addition to this,
Norman will be based in Namibia on a full-time basis, which we see as vitally
important in maintaining the strong relationships that we have developed with
the local authorities, which, in turn, will ensure that the world class Rossing
South uranium assets are developed to their full potential."

* * ENDS * *

Notes to Editors:

Kalahari Minerals Plc is an AIM listed mining and exploration group with a
portfolio of uranium, gold and base metal interests in western and eastern
central Namibia. Its key investment is its circa 40.9% holding in ASX and TSX
listed Extract Resources Limited (
www.extractresources.com),
which is
developing the Husab Uranium Project, strategically located directly south of
Rio Tinto's producing Rossing Mine. Work is focussing on three main prospects
within the project area, Rossing South, Ida Dome and Hildenhof, and results
continue to underpin the prospectivity of the region, particularly following
the world class Rossing South discovery. Extract has reported a JORC compliant
combined Husab Resource (Global Resources) in excess of 292 M lbs U3O8 of which
267 M lbs U3O8 at a grade of 487 ppm from the two zones at Rossing South.
Importantly these are both open ended at depth and along strike. Kalahari
believes Extract has the ground and potential to deliver on Kalahari's
estimates of a resource in the region of 500 M lbs U3O8.

Kalahari's copper interests are focused on two project areas, Dordabis and
Witvlei, where an exploration programme is underway to define +250,000 tonnes
of copper metal. A third project, Ubib, is believed to be prospective for gold
mineralisation, whilst a forth project, the Namib Lead Zinc Project, centred on
the old Namib Lead Mine, contains surface tails and underground mining reserves
of 1.65 million tonnes at 5.7% zinc, 1.6% lead and 40.2 g/t silver (non JORC
compliant). Kalahari aims to take this final project to bankable feasibility
study stage with a view to recommencing mining operations in the short term.

Nice rise this morning.

North River raises 7m for exploration
Business Financial Newswire
Southern African company North River Resources has raised 7m before expenses via a placing at 3p per share.

The placing has been undertaken in conjunction with its proposed reverse acquisition of Kalahari Minerals' gold and base metal assets in Namibia.

On 5 October, the company announced agreement to acquire West Africa Gold Exploration (Namibia) and Craton Diamonds from Kalahari.

North River says the funds will be used for its exploration and development programme.

Temporary suspension of AIM trading in its shares has been lifted.

MD David Steinepreis said, 'We received an excellent response to this placing, prompting us to raise 7m as opposed to the mandatory 5m as part of our agreement with Kalahari, which still resulted in a healthy level of demand at this enlarged figure.'

Niger Uranium announces that the Company proposes a conditional dividend in specie of substantially all of its stake in Kalahari Minerals.

The proposed Special Dividend constitutes a fundamental change of business for the Company which, under Rule 15 of the AIM Rules for Companies, requires Shareholder approval.

Following the Special Dividend (if approved), the Company will continue to hold 2,680,000 Kalahari Shares and its exploration licences in Niger together with its interests in South America and shall continue to operate its business in line with its stated strategy (as adopted at the time of Admission) as a uranium exploration and development company.

Kalahari Minerals plc, the AIM listed resource company, with uranium, gold and
base metal interests in Namibia, announces that, further to Extract Resources
Limited's (`Extract') announcement on 4 November 2009, regarding the conversion
of 5,200,000 warrants to Ordinary Shares, Extract has a total of 242,460,636
Ordinary Shares in issue.

Following active buying in the open market to avoid dilution, post Extract's
share and warrant placing, announced on 25 August 2009, Kalahari has
pro-actively sought to maintain and increase its shareholding in Extract,
underlining its support and belief in Extract's portfolio, particularly in the
Rossing South Project.

Indeed, Kalahari is pleased to report that its current interest of 98,018,911
Ordinary Shares in Extract, represents 40.43% of Extract's enlarged issued
share capital.

* * ENDS * *
cyril

98,018,911*8.68*0.5572 = 474.4m Against a M/Cap of just 369m
cyril

The Times today

Rumour of the day

Shares in Kalahari Minerals rose 3p to 176p amid rumours that Extract, in which the group has a 40 per cent stake, may put out a particularly bullish resource update this week. Kalaharis management is visiting potential investors in the United States in an attempt to drum up further interest in the Namibia-focused group.

cyril

More news just released regarding Rossing South,its just gets better and better.
cyril

Kalahari Minerals says that Extract Resources, in which it holds a 40.44% interest, has produced an exceptionally encouraging update highlighting the potential of its Husab Uranium Project.

Kalahari Chairman Mark Hohnen comments: "The exceptional assay results again underpin the breadth of Rossing South and confirm the global significance of this massive mineralised system.

The continuity being confirmed by the in-fill drilling at Zones 1 and 2 is advancing the resource to Measured and Indicated status which is obviously crucial for the bankable feasibility study.

"Importantly all zones of uranium mineralisation are still open at depth and along strike, in at least one direction, which reinforces our belief that the estimated resource figure of 500 million pounds U3O8 for the project is highly conservative.

"Additionally at the Salem prospect, located approximately 10km south of Rossing South Zone 2, every hole drilled intersected multiple zones of anomalous uranium mineralisation from shallow depths, which again highlights the huge potential of the ever expanding Husab Project."

cyril

From the above worth repeating,

"Importantly all zones of uranium mineralisation are still open at depth and along strike, in at least one direction, which reinforces our belief that the


""estimated resource figure of 500 million pounds U3O8 for the project is highly conservative""
cyril

A question for anybody ?....Is uranium in the "wild" dangerous to humans and animals alike or only after it has been processed...pardon my ignorance on the matter...

this will pretty much answer your question .......

Although radioactive, it has a very low specific activity (i.e., the amount of radioactivity per gram) and thus, being a heavy metal, is considerably more hazardous from the standpoint of chemical toxicity. Indeed, for natural uranium the chemical toxicity is the overriding consideration and is approximately the same as the chemical toxicity of lead.

i would recommend that you do not sprinkle even unprocessed uranium ore on your porridge!

Thanks .....my next question is when mining this substance do they wear bunny suits or not.....this is a massive deposit Kalahari (through Extract) have and governments and major mining companies will be locking arms over this.

only if you're white ..... natives and their labour come cheap

Looks like nuclear is very much back in vogue for generating electricity....britain should have copied the french in producing 80% of their needs from nuclear powerstations instead of the coal and oil route.

Rio Tinto said to be eying Rsing South

Written by Administrator
Friday, 27 November 2009 08:21

Rio Tinto, the mining giant that owns Rsing Uranium is reported to be planning to buy out Rsing South uranium deposit, which is reportedly one of the biggest uranium finds in recent years. According to a well-placed source in Australia who is close to both Rio Tinto and Extract Resources, Rio Tinto wants Rsing South so that it can expand its uranium production capacity. The source told the Economist that the only hurdle at the moment was that some of Extract shareholders are demanding more money.
Jerome Mutumba, manager corporate communications and external relations at Rsing Uranium told the Economist this week that Rio Tinto has acquired on behalf of Rsing,

14.7% interest in Extract Resources Ltd, the company which owns the Rsing South deposit, and 14.1% of Kalahari Minerals which owns 40% of Extract Resources.
Rio Tinto and Rsing see great potential for Rsing South to be developed and operated together with Rsing as this will provide value to both Rsing and Extract Resources.
Rsing South is only seven kilometres from the Rsing pit, and the mines could share significant infrastructure. Hence we see potential for Rsing South and Rsing working together on a joint development as this will provide value to both Rsing and Extract Resources.
A significant investment will be required dependent upon the nature of the joint development, Mutumba said.
He said Rsing Uranium remain interested in discussing with the board of Extract how it might maximise value for all shareholders in both Extract and our Rsing mine.
Rsing produces 8% of global primary uranium production and is already a world class
mine. Rsing South has the potential to be a similar scale, Mutumba said.



http://www.economist.com.na/index.php?option=com_content&view=article&id=20541:rio-tinto-said-to-be-eying-roessing-south&catid=542:headlines&Itemid=62
cyril

Rio Tinto said to be eying Rsing South

Written by Administrator
Friday, 27 November 2009 08:21

Rio Tinto, the mining giant that owns Rsing Uranium is reported to be planning to buy out Rsing South uranium deposit, which is reportedly one of the biggest uranium finds in recent years. According to a well-placed source in Australia who is close to both Rio Tinto and Extract Resources, Rio Tinto wants Rsing South so that it can expand its uranium production capacity. The source told the Economist that the only hurdle at the moment was that some of Extract shareholders are demanding more money.
Jerome Mutumba, manager corporate communications and external relations at Rsing Uranium told the Economist this week that Rio Tinto has acquired on behalf of Rsing,

14.7% interest in Extract Resources Ltd, the company which owns the Rsing South deposit, and 14.1% of Kalahari Minerals which owns 40% of Extract Resources.
Rio Tinto and Rsing see great potential for Rsing South to be developed and operated together with Rsing as this will provide value to both Rsing and Extract Resources.
Rsing South is only seven kilometres from the Rsing pit, and the mines could share significant infrastructure. Hence we see potential for Rsing South and Rsing working together on a joint development as this will provide value to both Rsing and Extract Resources.
A significant investment will be required dependent upon the nature of the joint development, Mutumba said.
He said Rsing Uranium remain interested in discussing with the board of Extract how it might maximise value for all shareholders in both Extract and our Rsing mine.
Rsing produces 8% of global primary uranium production and is already a world class
mine. Rsing South has the potential to be a similar scale, Mutumba said.



http://www.economist.com.na/index.php?option=com_content&view=article&id=20541:rio-tinto-said-to-be-eying-roessing-south&catid=542:headlines&Itemid=62
cyril

in a pissy market, at least KAH shows some blue, albeit not much following yet another cracking update ..... not currently holding, but i really do wonder what these guys have to do to become "market darlings"

Another quality set of drilling results from EXT,it just better and betterer.http://asx.com.au
cyril

Been around for a few of days,but a good resd and shows the long term potential.

From the Sunday Times.

The great uranium stampede; Everybody wants supplies as nuclear power comes roaring back, writes Danny Fortson
Danny Fortson
990 words
31 January 2010
The Sunday Times
ST
1
10
English
(c) 2010 Times Newspapers Limited. All rights reserved
It's an odd place for a group of Frenchmen to pitch a tent city. Bakouma is one of the deepest, darkest corners of African jungle. From Bangui, the capital of the land-locked Central African Republic, it takes days to navigate the 800km of dirt track to this patch of virgin forest in the middle of the continent. Usually they go by light aircraft to a nearby landing strip.

Most of the 160 or so jungle dwellers are scientists but they are not there to count butterflies.

They are drawing up plans for a uranium mine. Areva, France's state-owned nuclear giant, is behind the project. It hopes to begin clearing forest next year after the government approves its plan.

Bakouma is not an isolated case. It's just one example of a silent landgrab unfolding around the globe. After decades as a forgotten commodity, uranium, the radioactive element used as the primary fuel for nuclear power, is hot property again. Agents for companies, many of them government-controlled, are fanning out across the globe to gain access to the powdery, radioactive ore.

The scramble has been set off by the comeback of nuclear power. In the past couple of years countries that for decades had shunned it as an expensive, pariah technology have embraced it anew. Britain is leading the charge. The government envisages a new generation of reactors to replace the rickety old stations that will be retired in the coming years. The renaissance has taken hold elsewhere, from America to the Middle East and China.

For some, the resulting uranium rush is worrying. Rianne Teule, a nuclear campaigner at Greenpeace, said: "A lot of new countries in Africa are opening up to uranium mining but it is non-African companies that are exploiting the resource Chinese, Canadian and French firms. It's a whole new phase of colonialism."

It's also a serious business. As with oil, companies and governments are seeking to ensure supplies of a fuel that will play an increasing role as economies move away from traditional fossil-fuelled power.

Last year Kazakhstan leapfrogged Australia and Canada to become the largest supplier of uranium, producing about 14,000 tonnes, a fifth of global consumption.

Niger has also begun drawing the attention, and money, of big multinationals. Areva is investing more than 1 billion (870m) in a giant new mine in the impoverished desert nation. CNNC, China's stateowned nuclear firm, bought a stake in a project there last week. And Obtala Resources, a London-listed group run by Frank Scolaro, former chairman of Regal Petroleum, is in the final stages of negotiating licences for two new prospects.

"These are the kinds of projects we like," said Scolaro. "The world is going nuclear and they will need the fuel."

Today there are 439 reactors operating in the world. According to Steve Kidd at the World Nuclear Association, another 142 are in the pipeline, and 53 of these are already under construction.

Of the latter, 20 are in China. "We forget that in France in the 1970s they were building five new reactors a year," he said. "The Chinese are just doing what the French did, but on a Chinese scale."

The mining boom has been boosted by a surge in the uranium price. "For three decades uranium cost $10 a pound because nuclear power wasn't seen as very desirable. Now that we have all these concerns about the environment and going low-carbon, it's different. It hit $137 [a pound] two years ago," said Joe Kelly, head of nuclear fuel markets at Icap Energy. Today the spot price for unenriched uranium is $42 a pound, enough for most projects to go ahead.

The Cigar Lake mine in Saskatchewan, Canada, the world's largest undeveloped highgrade deposit, jointly owned by Areva and Cameco of Canada, will open next year. It is one of eight that will begin producing in the next 12 months.

A couple of the biggest sources, meanwhile, could soon run out. America and Russia supply up to a fifth of the world's needs from decommissioned bombs or stockpiles built up during their nuclear arms race. They are gradually releasing these into the market. "There is a worry that when the cold-war stocks run out we won't be able to meet demand," said Kelly.

The US Department of Energy has pledged not to flood the market. If it did, the price would crash and bring many new projects to an abrupt halt.

That would be no bad thing, said Greenpeace's Teule, who argued that many of the new mining areas are virtually unregulated.

A recent investigation in Niger uncovered radioactive shovels on sale in the local market in Arlit, a company town next to Areva's mine there. The country is the world's sixth-largest producer and has ambitions to move up the rankings. It employs only three nuclear inspectors to keep watch on the industry.

Areva acknowledged the problem but said the company has instituted a plan to stop radioactive "waste rock" and scrap metal from finding its way into the local community.

Teule said: "We are using this as a specific example to other countries about the problems they can get themselves into and to ensure there is proper regulation and reports on the environmental impact."

Indeed, even as investors flood into Niger, companies are starting new projects in other poor countries such as Namibia and Malawi.

"Getting a mine going in Texas takes two bookshelves full of authorisations," said one commentator.

"In Niger you give a shovel to a guy on $2 a day and you're mining uranium."

A nuclear power station building boom has increased demand for uranium Australia's Olympic Dam deposit (inset) is one of the world's largest
cyril

miningmx.com] -- EXTRACT Resources uranium strike south of Rossing Uranium in Namibia had all the redeeming features of a great uranium mine said Extract chairman Steve Galloway.

Addressing the Mining Indaba Conference being held in Cape Town on Wednesday, Galloway added Extracts geologists had followed a traditional geological proverb in their approach.

Its a well-known saying that if you want to hunt for elephants then you need to look in elephant country.

For uranium, elephant country is around Rossing Uranium and you could say we have found a herd of elephants there, he quipped.

Galloway described Extracts Rossing South project as the most important uranium discovery of the past 40 years.

He said it was positioned to become the second largest uranium mine in the world assuming it reached its projected annual production rate of 15 million pounds of U308.

Extract is headquartered in Perth and listed on the Australian and Toronto stock exchanges.

The controlling shareholder is AIM-listed Kalahari Minerals which holds 40% of the equity but Rio Tinto which owns Rossing Uranium has a 15% stake in Extract and a 15.8% stake in Kalahari Minerals.

That has triggered speculation that Rio Tinto is intent on a creeping takeover of the Rossing South project to extend the economic life of its existing Rossing Uranium mine.

In February last year Rio Tinto spokesman Nick Cobban told Miningmx that, Rossing South is an early stage exploration project situated close to Rossing Uranium which shows some promise.

We are interested in discussing with the board of Extract how we might maximise value for shareholders in both Extract and our Rossing Mine.

Galloway said that Extract had kept a low profile until now but that was about to change.

In November, Extract announced it had invited interested parties to submit proposals for their potential partnership in the development of Rossing South.

The company added, due to the size and quality of the Rossing South deposit, Extract has received extensive interest from a number of parties seeking to participate in the projects developmen. Extract will keep shareholders informed of any material developments.
cyril

Confirmed reports of several interested parties can be founed on EXT's
site via ASX.com (5thFeb)
cyril

KAH is tanking at the minute breaking both the 50/200day average,ae 151p this is lookimg very tasty? Too good to drop much more with its fundimetals but worth waiting to see where it bottoms out?
cyril

there is something quite odd about this stock ...... you read about it, and it sounds as though it should be roaring ahead - but it patently is not! .... for all that, while volume is pretty pathetic (about 150k this morning) bids far outnumber sells

Not looking good....perhaps people including myself expected Rio Tinto to step in and snap this up.....

Kah's value is closely tied in with EXT (down now to A$7.09), but on very low volume also. As EXT is held extremely tightly by the institutiuns,it would appear only the pi's selling at the moment,so the only thing that imo has brought on(outside market conditions)this drop is NWT's action against URU who own over 13% of KAH.
With urainum being much sort after,maybe market looking for cheap stock?
cyril

2 shares bought at 153.75p,now is that a buy signal????
cyril

From a most respected and knowledgable poster.


http://www.stockopedia.co.uk/forum/view/30317?comment=285#285

cyril

http://www.asx.com.au

Enter EXT and check out company annoucements.
cyril

bought back 2/3 weeks ago and banked a useful little profit this morning ..... no doubt i shall but back in again in due course

The only peoblem with being out is the possibility of a take over,so imo
a safe hold with just rewards comong eventually.
cyril

Kalahari Minerals has revealed outstanding chemical assay results from Rsing South - part of Extract Resources' Husab uranium project in Namibia.
Kalahari's subsidiary, Kalahari Uranium, holds a 40.44% interest in the project.
Kalahari executive chairman Mark Hohnen described the results as truly stunning results, with highlights including 146m @ 639ppm and 21m @ 2,003ppm for Zone 1; 129m @ 1,415ppm and 99m @1,078ppm for Zone 2.

He said: "These results reiterate the quality and global significance of the Husab uranium project in Namibia and we are confident that, with the highly active on-going drilling programme on the two zones reported on, which are open down dip and along strike, a resource target in excess of 550Mlbs will easily be achieved."

==========

and the market yawns - ridiculous!

There are one or two other stocks like that....good results and the market's not interested....

Come mid year when another resource upgrade is planned and expected to exceed 400mlbs of uranium,the market will have to re-value this project(if not before)and i can see 250p. But its whetger we can reach maturity to see the real potential,something i douht will be allowed?
cyril
PS; A littke like RXP who are making staedy progress but ignored by the market,making both excellent long term holds.
aimho

only one way for this commodity to go - up

There's only one way for this commodity to go - up Feb 26, 2010
Print this article

The most compelling thing about uranium is probably best expressed in the chart below...



The uranium market has been in deficit for several years, living off the stockpiles of the Cold War. Put simply, we use more than we make.

Looking out to 2018, we're about 400m lbs short. To get some perspective on that number, look below at the table of the top ten producers of uranium in 2009 and the percentage of the total market each makes up.

The top producers, which make up nearly 90% of the market, produced about 110m lbs of uranium last year. So essentially, the industry needs to produce almost four times that to meet the estimated new demand through to 2018. On an annual basis, the industry will need to about double in size.

A sidelight to this is the fact that 63% of all uranium comes from just ten mines. This means that the global supply of uranium is susceptible to supply shocks. If one big mine floods or goes down for whatever reason, it'll make a big wave in the uranium market.


Top ten uranium producers
Company Uranium production
(million lbs) Primary
supply (%)
Kazatomprom 21.4 17.0
Cameco 20.2 16.0
Areva 18.5 14.7
Rio Tinto 14.1 11.2
Atomredmetzoloto 11.7 9.9
BHP Billiton 7.7 6.1
Navoi 6.6 5.0
ERA 3.6 2.9
Uranium One 3.6 2.9
Paladin 3.5 2.9

Total 110.6 87.6


It gets even more interesting...

Most of the best mines are already in production. As with everything else in the resource world these days, the low-hanging fruit is all gone. Future grades will be lower, meaning we'll have to mine a lot more ore to get a given amount of uranium. New mines are in more geologically challenging places. New supply is also coming from riskier places, such as Africa and Kazakhstan. All of this means that costs will go up.

These facts are reflected in the industry's cost curve, as you can see in the chart below.



This tells you that at current production about 130m lbs those last million lbs are a lot more expensive to produce than the first million. It also means that as the industry ramps up beyond 130m lbs to meet demand, costs will rise sharply.

This is not a perfect predictor, of course. There are new mines that will come online and produce uranium at low costs. But it bodes well for a higher uranium price in the future. The current spot price is around $45/lb. Only around 10%30% of the uranium traded in any year is sold on the spot market. Most uranium is sold to utilities via long-term contracts. The longer-term price of uranium over $60.

For some perspective on uranium pricing, consider that when uranium got hot in the summer of 2007, the spot price hit $136/lb. It's done nothing but go down since then. If you are a contrarian thinker, which is to say a good investor, that fact will attract you. I can tell you with great certainty that the uranium price won't go to zero. That downward trend will reverse, and based on all the data I presented above, it looks like a higher uranium price over the next few years is a sure thing or about as close to a sure thing as you can get in markets.

That's why the uranium price has to go up. If it doesn't, there is no incentive for producers to make more, and hence a lot of reactors are going to go without fuel. More importantly, it can go up. Simply put, the uranium price could double and it wouldn't affect the economics of a nuclear reactor much. This is not true with a lot of commodities. If the price of oil doubled, the global economy would double over in great pain and probably grind to a halt. Not so with uranium.

The biggest potential negative I see is the risk of some nuclear accident that derails this whole thesis as people abandon nuclear. But the industry has a clean safety record going back more than two decades now.

There are 436 reactors in the world that provide about 15% of the world's electricity. The new reactors have fewer moving parts and are much better than the old ones. And most of the world seems to be coming around to the green benefits of nuclear power; even President Obama's administration promises loan guarantees and other goodies for the builders of nuclear reactors. In our carbon-worried world, nuclear is a relatively clean source of energy.

For all these reasons, we see a massive buildup in reactors under construction, planned or proposed. The World Nuclear Association (WNA) says there are 52 reactors under construction, 135 reactors planned and 295 reactors proposed. This is what underpins that demand we talked about up top. Where are all those reactors going to be? Mostly, from China, India, Japan, and the US.

Once again, we have a resource story driven by China and India. Neither country produces much uranium. China produces less than 2% of the world's uranium. If you believe "buy what China needs," as I do, then uranium fits well with that worldview. In conclusion, I want to own uranium.

This article was written by Chris Mayer for the free daily investment letter DailyWealth
cyril

Australian Financial Review 17/03/2010

page 20 Street Talk

Extract keeps suitors in suspense

Uranium hopeful Extract Resources is nudging closer to the completion of its strategic review, with the outcome of the process, run by Rothschild, expected within the next month.

Extract owns the Rossing South deposit considered one of the worlds most promising uranium projects adjacent to Rio Tinto's Rossing mine in Namibia (Rio owns 16% of Extract).

As part of the review process, Extract has been talking to miners and uranium buyers about deals ranging from a stake in the project and a offtake agreement to a full takeover.

It had launched the project after receiving unsolicited expressions from several parties and the expectation is that the best proposals - of varying sorts will be put forward soon to allow it to make a decision.

Interestingly, the parties involved are believed to have signed standstill agreements, which presumably would expire, once Extract chose its path, paving the way for a takeover later if another deal is done at this stage.

At the moment, some think the most likely outcome is that a utility will take about a 15% stake to help develop the project. As Uranium One noted this week, with a $1.8 billion market value and no operating mine yet, Extract isn't a cheap proposition.

Extract has delayed the issue of an updated resource statement until the third quarter but there are suggestions it could a figure of up to 400 million tonnes of ore at a time.
cyril

Korea Electric May Bid for Stake in Extract Resources (Update3)
March 19, 2010, 3:52 AM EDT
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By Shinhye Kang

March 19 (Bloomberg) -- Korea Electric Power Corp. and state-run Korea Resources Corp. may make a joint bid for a stake in Extract Resources Ltd., an Australian explorer that owns a uranium mine in Namibia, to obtain supplies of the nuclear fuel.

Were interested in the Rossing South mine in Namibia owned by Extract, Chang Joo Ok, vice president of Korea Electric Power and head of its overseas energy development team, said in an interview in Seoul yesterday. But pricing is the most important factor.

Extract Resources rose 14 percent in Sydney today after surging more than six-fold last year as investors bet more countries will embrace nuclear power. South Korea plans to add eight atomic plants by 2016 and export 80 reactors by 2030. Korea Electric emerged as a rival to General Electric Co. and Areva SA after beating them in December to a $20 billion order to build reactors in the United Arab Emirates.

Namibia is politically stable and would be a good target, said Park Young Ho, head of Africa and Middle East research at Korea Institute for International Economic Policy, a government think tank. Most attractive mines in Africa are already owned by major global companies, and it would be risky for a South Korean company to enter the market by itself. The stake purchase would be one of the safe options.

Extract Resources, 15 percent-owned by Rio Tinto Group, continues to evaluate potential partners to join its Namibian project, Chairman Steve Galloway said in an e-mail today, when asked to comment on the possible joint bid.

The South Korean group hasnt decided whether to bid for a stake in the Rossing South mine or Extract Resources itself, a Korea Resources official familiar with the plan said, declining to be named because internal discussions are still ongoing. Cho Hye Won, a spokeswoman at Korea Resources, declined to comment.



Stakes in Mines

Perth-based Extract Resources advanced the most since Dec. 23, 2008, to close at A$8.35. Korea Electric fell 0.3 percent to 38,550 won in Seoul, compared with the 0.7 percent gain in the benchmark Kospi index.

Korea Electric was chosen by Extract Resources as one of its preferred bidders last month after the utility made a non- binding offer for a stake in the uranium explorer, Chang said.

The South Korean companies will make a binding offer after conducting due diligence on the Rossing South deposit and getting approval at the end of this month from an internal investment review committee, according to Chang.

Drilling at Rossing South suggests it could become one of the worlds largest uranium mines, Galloway said in October. The nearby Rossing deposit mined by a Rio Tinto unit is the third- biggest, according to the World Nuclear Association.

Overseas Acquisitions

Korea Electric is also keen to buy stakes in uranium mines in Africa, Mongolia, Australia and Europe, Chang said. The utility wants the investments to supply 3,800 metric tons of the fuel annually by 2020, equivalent to 50 percent of South Koreas requirements, Chang said.

South Korea currently operates 20 nuclear power plants and had imported its uranium mainly from Canada, Australia and Kazakhstan until Korea Electric invested in overseas mines last year. The nations annual uranium consumption may rise to 7,600 tons from about 4,000 tons currently, Chang said.

Korea Electric and its unit Korea Hydro & Nuclear Power Co. jointly acquired a 10 percent stake in a uranium mine in Niger for 170 million euros ($232 million) from Areva in December. Denison Mines Corp., a Canadian uranium producer, agreed in April last year to sell a 19.9 percent share in the company to Korea Electric for C$75.4 million ($74.3 million) and supply the utility with uranium until 2015.

Korea Electric will also provide uranium for the four planned reactors in the U.A.E for a period of almost five years, Chang said.

The company also plans to purchase a stake in a coal mine in the U.S. by as early as June and wants to invest in coal producers in Australia and Indonesia, he said. Chang declined to give details of the U.S. asset.

--With additional reporting by James Paton in Brisbane and Ben Sharples in Melbourne. Editors: Ryan Woo, Clyde Russell.

cyril

Australian Financial Review - March 23 - Page 27

Uranium Play Extracting Some Gains

By David Ciampa

Investors in small uranium play Extract Resources may not be too deterred by the Indian central banks decision late last week to raise interest rates, which accordingly caught the commodities markets off-guard. While the move may have clouded the global growth picture, Extract investors will be concentrating on the long-term demand for energy increasing especially from countries like India and the viability of the energy sources technology.

The stock was the standout performer in the S&P/ASX200 Resources index last week rising as much as 15 per cent, boosted by a 14 per cent jump on Friday amid reports that two Korean groups may make a joint bid for the Australian explorer. Extract owns the Rossing South deposit considered on of the world�s most promising uranium projects adjacent to Rio Tintos Rossing mine in Namibia, which both Korea Electric Power Corp and state-run Korea Resources Corp may make a joint bid for, or even extract itself.

As part of a soon-to-be completed strategic review, Extract has been talking to miners and uranium buyers about deals ranging from a stake in the project and an offtake agreement to a full takeover.

Extract, which is 16 per cent owned by Rio, was one of the best performers on the S&P/ASX200 index last financial year, surging more than six-fold.

But it has run out of puff in recent months and last weeks gain had the stock at its best level in about two months. Among other fast-growing economies, South Korea is one of a group of Asian countries with soaring energy needs and plans to add eight atomic plants by 2016 and export 80 reactors by 2030.

Korea Electric Power vice president Chang Joe Ok said the company was interested in the Rossing South mine in Namibia owned by Extract, but added that �pricing is the most important factor. The South Korean group is reported to be undecided whether to bid for a stake in the Rossing South mine or Extract Resources itself.

Canadian broker Haywood Securities has placed a $10.10 price target on the company.

Rio Tinto-controlled uranium producer Energy Resources of Australia also rose last week after noting that the global financial crisis had created a slump in new mine development that may lead to improved prices for the nuclear fuel.


I assume the Haywood Price Targget is in C$?

If so would be ~A$10.80.

cyril

OffiNippon Uranium Resources (Australia) Pty Ltd, a wholly owned subsidiary of ITOCHU Corporation ("ITOCHU") is pleased to announce that it has agreed to acquire shares in Kalahari Minerals plc ("Kalahari"), representing a 15% equity ownership.



Research note 24th March re EXT

http://www.minesite.com/fileadmin/content/pdfs/Brokers_Notes_Jan_10/Brokers_Notes_feb10/Whireland%20-%20extract%20resources%2024.3.pdf

cyril

Broker snap: Impressive assay results from KalahariDate: Tuesday 06 Apr 2010

LONDON (ShareCast) - Ambrian Capital, the house broker of uranium and copper mine developer Kalahari Minerals, has seized on the release of further exceptional chemical assay results from the miners Rsing South mineralised system to talk up the shares.

These results continue to impress, but perhaps most material to the ultimate resource target is the encouraging spectrometer results from the Western Limb. This area of the deposit (in addition to the Zone 2 southern extension) remains outside the existing resource, and thus has the highest potential to increase the headline total resource figure to be released in 3Q10 [third quarter 2010] the primary short-term price driver, the broker states.

Outside resource increases and windfall potential for M&A, the subsidiary price driver will be the DFS [definitive feasibility study], scheduled for completion in 4Q10, and associated inputs (e.g, metallurgical work, mine plans and cost estimates), which may be released on a staggered basis ahead of the DFS, Ambrian analyst Brock Salier added.

Ambrian recommends buying the shares and has a price target of 232p, though it expects progress towards the price target to be slow as the register matures from quick-return small-cap holders to larger, longer timeframe holders, as exemplified by the recent Itochu acquisition.

.
cyril

Cyril: I'm surprised the price has slipped, especially when one looks at the results they are getting.

Kalahari benefits from Extract success
Business Financial Newswire
Kalahari Minerals says that Extract Resources - in which it holds a 40.41% stake - has produced further exceptional chemical assay results from the Rsing South mineralised system in Namibia.

Chairman Mark Hohnen states: "These are again truly fantastic results. Both Zones 1 and 2 of Rsing South continue to deliver exceptionally wide uranium intercepts in excess of 1,000ppm, with highlights of 22m @ 1,410ppm from Zone 1, and 41m @ 1,222ppm from Zone 2, further confirming the global significance of the Husab Uranium Project.

"Importantly, the results continue to support the view that these zones are continuous at depth, and open, which should be significant with respect to the resource update scheduled for Q3 2010.

"Significantly, the resumption of exploration drilling has met with immediate success on the Western Limb of the Rsing South anticline, which is believed to have the potential for yet more zones of mineralisation, further increasing the scale of the project area.

"The proximity of the Western Limb to the existing zones 1, 2 and 3 should allow for any resources and reserves defined at these new prospects to be included in any future mine development."

Preliminary cost estimates have already indicated Rsing South can support production of at least 14.8Mlbs U3O8 per year.

Hohnen adds: "With 17 rigs currently operating and more rigs due to join the programme soon, we believe Rsing South is one of the largest drilling programmes currently being undertaken anywhere in Africa and is testimony to the magnitude and importance of the Husab Uranium Project as a whole."

Story provided by Business Financial Newswire

Business Financial Newswire - Kalahari Minerals says that its new CEO Jonathan Leslie has been appointed as an Executive Director of Extract Resources, in which it has a 40.37% interest.

A marriage of two Rsings on the cards?
By: JO-MARDUDDY

THE top brass of Extract Resources, owners of Rsing South, is meeting with President Hifikepunye Pohamba this afternoon to brief him on plans to develop the uranium deposit into one of the biggest uranium mines in the world.

Mark Hohnen, Executive Chairman of Kalahari Minerals, which has 40 per cent shares in Extract, confirmed the meeting yesterday.
They will use the opportunity to introduce Extract's new Executive Director, Jonathan Leslie, and "to provide a progress report on the Rsing South project, as it enters this transformational period in its development transforming from a pure exploration company to a one tier uranium production company," Hohnen said in statement on the Kalahari website.

Leslie's appointment adds fuel to persistent rumours of a marriage between Rio Tinto's Rsing Uranium and Extract's Rsing South. Leslie was a former managing director at Rsing Uranium.

Last week Rsing Uranium spokesperson Jerome Mutumba said his company has suggested a joint venture with Rsing South.
Mutumba said Rsing Uranium has proposed to transport ore from Rsing South to Rsing Uranium to be processed.
"Rsing South is only seven kilometres from the Rsing pit, and the mines could share significant infrastructure.
We see potential for Rsing South and Rsing working together on a joint development, as this will provide value to both Rsing and Extract Resources," he said.

Rio Tinto already has 15 per cent shares in Rsing South. However, it also holds 14 per cent of the shares in Kalahari Minerals, and therefore effectively owns 21 per cent in Rsing South.

A Consortium of Korean companies led by Korea Electric Power Corp (Kepco) is also keen to get their hands on shares in Rsing South. State-run utility Kepco, Korea Hydro and Nuclear Power Co, and Korea Resources Corp are looking to take a stake of around 15 per cent in Rsing South, Dow Jones Newswires recently reported.

Extract's wholly-owned subsidiary Swakop Uranium plans to have Rsing South in production by the end of 2013.
It can be ramped up to full production within 18 months after that, Swakop Uranium Chief Executive Officer Norman Green said.
The mine has the potential to produce 15 million pounds of uranium oxide a year, making it one of the three biggest uranium mines in the world.

Additional reporting by Nampa

http://www.namibian.com.na/news/marketplace/full-story/archive/2010/april/article/a-marriage-of-two-roessings-on-the-cards/

Taken from another board, "looks to be when not if"

A marriage of two Rsings on the cards?
By: JO-MARDUDDY

THE top brass of Extract Resources, owners of Rsing South, is meeting with President Hifikepunye Pohamba this afternoon to brief him on plans to develop the uranium deposit into one of the biggest uranium mines in the world.

Mark Hohnen, Executive Chairman of Kalahari Minerals, which has 40 per cent shares in Extract, confirmed the meeting yesterday.
They will use the opportunity to introduce Extract's new Executive Director, Jonathan Leslie, and "to provide a progress report on the Rsing South project, as it enters this transformational period in its development transforming from a pure exploration company to a one tier uranium production company," Hohnen said in statement on the Kalahari website.

Leslie's appointment adds fuel to persistent rumours of a marriage between Rio Tinto's Rsing Uranium and Extract's Rsing South. Leslie was a former managing director at Rsing Uranium.

Last week Rsing Uranium spokesperson Jerome Mutumba said his company has suggested a joint venture with Rsing South.
Mutumba said Rsing Uranium has proposed to transport ore from Rsing South to Rsing Uranium to be processed.
"Rsing South is only seven kilometres from the Rsing pit, and the mines could share significant infrastructure.
We see potential for Rsing South and Rsing working together on a joint development, as this will provide value to both Rsing and Extract Resources," he said.

Rio Tinto already has 15 per cent shares in Rsing South. However, it also holds 14 per cent of the shares in Kalahari Minerals, and therefore effectively owns 21 per cent in Rsing South.

A Consortium of Korean companies led by Korea Electric Power Corp (Kepco) is also keen to get their hands on shares in Rsing South. State-run utility Kepco, Korea Hydro and Nuclear Power Co, and Korea Resources Corp are looking to take a stake of around 15 per cent in Rsing South, Dow Jones Newswires recently reported.

Extract's wholly-owned subsidiary Swakop Uranium plans to have Rsing South in production by the end of 2013.
It can be ramped up to full production within 18 months after that, Swakop Uranium Chief Executive Officer Norman Green said.
The mine has the potential to produce 15 million pounds of uranium oxide a year, making it one of the three biggest uranium mines in the world.

Additional reporting by Nampa

http://www.namibian.com.na/news/marketplace/full-story/archive/2010/april/article/a-marriage-of-two-roessings-on-the-cards/
cyril

guess what .... someone did not look at the previous post!

Let's hope this will remove the drag on Kalahari's share price:

For immediate release: 16 April 2010

EMERGING METALS LIMITED

("EML" or the "Company")

Result of Meeting and Dividend Declaration

The Company is pleased to announce that at the Meeting of Shareholders held
earlier today both resolutions were duly passed on a show of hands. Completion
of the sale of the Company's remaining 8,917,647 Kalahari Shares at 185p per
share is expected to occur within six business days. The Board is accordingly
declaring a Special Dividend of 7.13 pence per share which will be paid on 18
May 2010 to shareholders on the register at the close of business on 30 April
2010.

Buyers are suddenly flooding in!

at least 10x normal volume today, but order book now looks pretty light and evenly balanced

do you need to hold EML or KAH shares to get the special divi?

April 19, 2010

Kalahari Minerals Trumps Rio Tinto At Rossing South By Bringing In Japanese Sovereign Interests
By Charles Wyatt



Companies that own a major shareholding in another company often struggle to get the value of that investment fully recognised in their own share prices. One example fresh in the mind following its presentation at the recent Minesite Forum is Anglesey Mining. Anglesey has a 41 per cent holding in Labrador Iron Mines, currently worth 52p per Anglesey share. The share price of Anglesey, however, is only 40p, which takes no account of the fact that Anglesey also has a 100 per cent interest in the Parys Mountain mine, a partially developed copper-zinc-lead mine in North Wales. The same goes for Kalahari Minerals which has a 40.3 per cent holding in Extract Resources, currently worth 460 million. Kalahari itself is only capitalised at 357 million. In the cases of both Anglesey and Kalahari the discount will narrow sharply as production looms.
Extract is developing the Husab uranium project, directly to the south and only five kilometres away from Rio Tintos Rossing Mine, which is already in production. Work is focussing on three main prospects at Husab, Rossing South, Ida Dome and Hildenhof, and results continue to underpin the prospectivity of the region, particularly following the world class Rossing South discovery. Extract has reported a JORC compliant combined resource at Husab in excess of 292 million pounds U3O8 at a grade of 439 parts per million (ppm). Of that total, 267 million lbs U3O8 at a grade of 487 ppm is from two zones at Rossing South that run at a cut off of 100 ppm U3O8. These are both open ended at depth, and along strike. Mark Hohnen, executive chairman of Kalahari, believes Extract has the ground and potential to deliver a total resource of around 550 million lbs U3O8, which would make it the biggest uranium-only deposit in the world, and with excellent grades too. Rossing South alone has the potential to produce 15 million lbs U3O8 per year, and that would make Extract a Top Five global producer.

For a long time the betting has been that Rio Tinto, which has modest shareholdings in each company, making a bid for one or both of them. Rios recent quarterly results demonstrate that the pressure on Rio to make a move is rising. Lower grades hit production during the first quarter of this year at both ERA and Rossing, which resulted in a 20 per cent fall in production compared with the same period last year. At the same time, good exploration progress was reported at the Z20 prospect which is a strike extension from Rossing South.

At the beginning of 2009 we gave an insight into the politics being played by Rio Tinto in an effort to get its way on the cheap, but Mark played a blinder, and Rio Tinto had to ditch the devious tactics. In fact they were a waste of time and, crucially, did nothing to improve relations between the companies.

Unfortunately for Rio Tinto, things have changed significantly as far as its two targets are concerned and it no longer has the stage to itself. For a start Jonathan Leslie has been appointed chief executive of Extract and Chris McFadden, a nominee of Rio Tinto, has resigned. This is in line with an agreement reached at the Extract AGM last November that he would go when a new chief executive was appointed. As Mark Hohnen points out, Jonathan has an exceptional level of experience in the uranium sector, particularly in Namibia, where he was managing director of Rossing Uranium, Rio Tintos subsidiary, which operates the producing Rossing Mine. He is an international expert in the uranium industry and a well-respected figure in Namibia, with outstanding relationships with the Namibian government and mining agencies. He joins at a crucial time, as the Rossing South project is in course of transforming itself from a pure exploration play to a tier one uranium production company.

Reiterating this plan to become an independent producer must get right up the corporate nose of Rio Tinto, but independent production has always been the intention of Kalahari and Extract, and a target date of end 2013 has been set. The project benefits from a prevalence of infrastructure and its proximity to the coast, as its only 45 kilometres from Walvis Bay, Namibias main port.

In the meantime Kalahari has played another trump card, by bringing ITOCHU Corporation onto its list of shareholders with a 15 per cent stake. ITOCHU has a history going back to1858 when it was founded as a linen trader by Chubei Itoh. It now has 150 operations in 75 countries involved in trading a wide range of products, but particularly commodities. It is a powerful company, no doubt about that, and Rio Tinto no longer has the game to itself as ITOCHU will not have bought these shares on a whim. It has been involved in uranium since 1998 as one of the worlds biggest traders and delivered 4,000 tonnes to the market last year.

ITOCHU knows Namibia well, too, as it is involved in the offshore Kudu gas field, and this has also given it contacts with the Namibian government which could be useful. Mark Hohnen makes the point that ITOCHU has a strong relationship with the Japanese government, which will also provide vital financial support. This is being done through the Japanese state nuclear enterprise Japanese Oil, Gas & Metals National Corporation, or JOGMEC, the main aim of which is to ensure a stable supply of natural resources for Japan. At the moment Japans nuclear power industry supplies 30 per cent of the countrys electricity, but this is expected to rise to 40 per cent by 2017.

Poor old Rio Tinto. How it must wish it had made a move earlier, when it might have been able to acquire both Extract and Kalahari for pocket money. Now a big beast has entered the ring and corporate bullying is off the menu. Looks like Rio is going to have to watch Rossing South being developed as an independent producer, using funding from Japan, based around an offtake agreement negotiated by ITOCHU. Extract is hardly going to accept a bid from Rio Tinto with such a prize ahead of it and, anyway, it has Kalahari and its powerful friends to consult before any decision could be made. A fascinating situation and one that will enthral investors for some time to come.

http://www.minesite.com/nc/minews/singlenews/article/kalahari-minerals-trumps-rio-tinto-at-rossing-south-by-bringing-in-japanese-sovereign-interests/1.html

We seem to have lift off today!

From UK-Analyst.com: Friday 9th July 2010

Ambrian Capital maintained its "BUY" recommendation and 232p target price for Kalahari Minerals (KAH). The research house said that, for the mining and exploration company, upcoming share drivers fall into two broad categories. The first category is fundamental progress on Rossing South, which has been confirmed as the highest grade granite-hosted uranium deposit in Namibia. The second category is potential "game changers" through development, such as a joint venture with Rio Tinto, or a merger & acquisition. In both cases, Ambrian sees significant shareholder uplift; and thus remains very positive on the group's shares, which is currently at an 8% discount to its investment in Extract Resources. The shares moved up by 1.5p to 165p.

Weakend quote - 'While Rio Tinto is not looking to access the capital markets in the short term, according to Elliott, the firm is looking to take advantage of opportunities provided by market volatility, with a particular focus on small and medium acquisitions. Elliott said: You can find in a volatile environment an add-on acquisition that makes good sense to the company, where the synergies really exist. It is those sorts of acquisitions that were looking for at all times, and that is a very active process at the moment, but were not looking at large-scale acquisitions at the moment. ' Rio Tinto's Tom Albanese is in Namibia in vicinity of Rossing South. They have been mining uranium at nearby Rossing North for past 30 years. Acquisition of nearby uranium deposits with the top grade assay results the Rossing South reflects would make sense. 100% synergy! Also read that Russians are in Namibia with up to $2 billion to spend on purchase of uranium deposit in country to provide the fuel for nuclear power plants being built on shores of Black Sea. Suggest KAH is due a re-rating in near future

09/09/10 - 09:40
New zone confirmed at Rossing South, says Kalahari
StockMarketWire.com
Kalahari Minerals' 41.15%-owned Extract Resources has confirmed the emergence of a high grade strike at Husab's Rosing South uranium project.

Kalahari's executive chairman Mark Hohnen said chemical assay results confirmed the emergence of a high grade continuously mineralised strike of 1.7km at Zone 5, which provides further credence for the commissioning of multiple mining operations across Husab.

He added: "Importantly, these assays include an intersection of 29 metres, grading 1,653 ppm U3O8 from 279 metres, which ranks within the top 2% for metal content within the current Husab database, confirming Zone 5, which remains open along strike and down dip, as a high priority exploration target.

"In addition to the drilling programme underway at Zone 5, Extract also has a further 6km of the entire 15km Rsing South Anticline which is yet to be drill tested."

Story provided by StockMarketWire.com

From today's RNS:
Namibian Uranium Project Update

The August resource update (ASX release 10 August, 2010) has confirmed the
Husab Uranium Project's Rsing South as the fifth largest global uranium only
deposit. With 257 M lbs of Indicated Resource defined, the Company continues to
progress towards completing the Definitive Feasibility Study (DFS) and is well
placed to move from successful explorer to developing the world's second
largest uranium mine.

EXT up 10.93% in Australia!

KAH has been a rather dozy performer, but sp is now nicely challenging 200 dma ..... Q is, "will it make a break for glory at last?"

cynic: I think you could be right!

looking a healthy spike up at the mo.,.

There are suddenly a lot more buyers coming in, which I haven't seen in a long while.

Put this to bed for a year....and now hey presto....wakey...wakey..it's coming to life...by the way..anybody "au fait" as to the price of uranium ?...not been following....

Uranium price seems to be slowly creeping up at the moment RF, around the $49 per pound mark. A long way below it's 2007 peak of $136 because there has been plenty of it around: that won't last though, demand is set to increase.

Thanks....plenty of nuclear power stations throughout the world set to be built, and all the uranium from old missiles has been used up from what I understand.

Quite right!

EXT.AX 7.50 +0.30 +4.17% , Kalahari up 3.1% and still climbing!

EXT.AX 7.85 +0.35 +4.67% today: Time for KAH to catch up!

Just had a look at KAH's major shareholders and the profile of their latest substantial holder APAC Partners of Hong Kong.

Key Shareholders
Nippon Uranium Resources Australia Pty Ltd 33,781,505 14.94%
Rio Tinto International Holdings Australia Pty Ltd 28,267,310 12.50%
APAC Resources Capital Limited 27,454,377 12.14%
M&G Investment Management 20,900,000 9.24%
Henderson New Star 12,491,234 5.54%
Blakeney Management Limited 11,060,900 4.89%
...
APAC Resources Limited ("APAC") listed on The Stock Exchange of Hong Kong Limited (stock code: 1104). APAC and its subsidiaries are principally engaged in (i) trading in base metals and commodities; and (ii) trading and investment in listed securities with a portfolio primarily focused on natural resources and related sectors and industries.

APAC's investment strategy is to generate above average returns via identifying and investing in resource companies that have potential to generate long-term sustainable cashflows and, hence, significant capital appreciation. Core investments include Mount Gibson Iron Limited (ASX: MGX) which mines iron ore in Western Australia, and Australia's largest tin producer, Metals X Limited (ASX:MLX). Other investments include Kalahari Minerals Plc (AIM:KAH) which has an interest in one of the world's largest undeveloped uranium deposit. APAC also runs a commodity trading division.

"Our mission is to be the pre-eminent resource investment house in Hong Kong and to provide long-term growth to our shareholders by pursuing high quality investments globally."

Nice looking chart and put me in good money so far, still no news but loving it.,.

BUY EXT PT $10.80 (Price: $6.94; Market Cap: $1.68b)

-The recent rally in uranium stocks in the past few days is attributed, in our view, primarily to the sustained creeping of the uranium spot price since August 2010. The U308; price has increased 15% from US$42/lb in August 2010 to the current level of US$48.25/lb.

Spot Uranium Price
Source: Bloomberg

-China's latest official objective of achieving 5% of total electricity from nuclear power by 2020 has given rise to a significant ramp up of nuclear reactors. An estimated ~78 gigawatts of nuclear energy needs to built in the next ten years. The magnitude of the expansion in
nuclear power in China is enormous. Currently there are:

- 11 reactors in operation (8,602 MWe);
- 16 reactors under construction (15 GWe in new capacity);
- 250+ planned new reactors.

-No doubt there is a scramble to secure long term contracts for uranium oxide to fuel the reactors. However, with the spot uranium price below its long term average this provides, in our view, an attractive buying opportunity for the Chinese. According to Trade Statistics, Chinese uranium imports for the year up to August 2010 have been 2.5x higher than the same time the previous year (9,890tU vs 2,853tU).

China Reactor Forecast
Source: UxC

-The stocks we favour in the current environment are the uranium exploration companies,most notably Extract Resources (EXT), Peninsula Minerals (PEN) and UraniumSA (USA).

-Energy Resources of Australia (ERA) we continue to view as the laggard and Paladin Ltd (PDN)we have downgraded our recommendation from HOLD to SELL.

-Extract Resources (EXT) - Price $6.94; M Cap $1.68b; Buy (PT $10.80)

EXT, with its vast uranium reserve in Namibia, is poised to become one of the top producers of uranium oxide globally. The recent resource upgrade has allowed for more accurate mine planning and a more definitive and bankable feasibility study.

Our DCF based valuation for EXT is $10.22/share and our one year-forward valuation is $10.83/share. Our EXT valuation is derived using a DCF for Zones 1 & 2 of Rossing South where a 267mlb Resource exists and valuing the target resources by applying a multiple of US$5/lb of uranium in the ground (using the midpoint of the exploration target of 235mlb).

The catalysts remain the DFS due 4QCY10 and further resource upgrades expected 1QCY11.

http://www.fostock.com.au/talkingpoint/Uranium101019.pdf

Extract Says Itochu 'Interested' in Husab Uranium

November 04, 2010, 2:33 AM EDT By Jason Scott

(Updates with share price in seventh paragraph.)

Nov. 4 (Bloomberg) -- Extract Resources Ltd., the uranium explorer partly owned by Rio Tinto Group, said Japanese trading house Itochu Corp. wants to purchase production from its Husab mine in Namibia.

"Itochu is very interested in taking offtake," Chief Executive Officer Jonathan Leslie said in an interview in Perth today.

Extract, about 15 percent owned by Rio Tinto, aims to develop the world's second-biggest uranium venture after Cameco Corp.'s McArthur River mine in Canada. The company intends to gain from a nuclear-power revival as countries turn to the technology to meet energy demand and cut emissions.

Itochu agreed in July to buy a 10.3 percent stake in London-based Extract to benefit from global growth in demand for the fuel. It now holds 13 percent, according to data compiled by Bloomberg. The stake purchase "doesn't restrict us in any way, it just gives us more options," Leslie said.

The two companies are in talks about Itochu helping to develop the Namibian project's desalination plant, Leslie said.

Extract gained 3.2 percent to A$8.15 at the close in Sydney trading, while the benchmark S&P/ASX 200 Index rose 0.5 percent.

Extract Resources in talks with Japanese trading house Itochu Corp.to purchase production from its Husab mine in Namibia. Itochu is very interested in taking offtake, Chief Executive Officer Jonathan Leslie of Extract Resources Ltd

With regards spot price development of uranium and the position of Kazakhstan:

"We can see a gap opening up in the market in two to three years, Leslie said. The belief is Kazakhstan is getting toward the end of the period where theyve got the easy stuff, the low-hanging fruit, so their costs are going up.

More at: http://www.businessweek.com/news/201...b-uranium.html

Not just Itochu it seems. Culled from the EXT board:

UPDATE: Japanese Companies Eye Namibian Uranium Deposit
Extract Resources (ASX:EXT)
Intraday Stock Chart
Today : Friday 5 November 2010
Extract Resources Ltd. (EXT.AU) said Thursday that a recent investment in the company by Itochu Corp. (ITOCY) has spurred significant interest from other Japanese entities in its Husab uranium prospect in Namibia.

One of the world's largest undeveloped uranium deposits, Husab is just six kilometers away from the massive Rio Tinto Ltd.-operated (RTP) Rossing uranium mine. It was originally called Rossing South but Extract has changed its name to Husab to avoid confusion.

Japan generates about a third of its electricity from nuclear power and other countries including the U.S. are turning to the energy source to reduce fossil fuel consumption.

China is undertaking a massive expansion in nuclear power, expanding its current nine gigawatts of nuclear capacity from 11 reactors to 70-80 GW by 2020 and 200 GW by 2030.

Extract, which counts Rio Tinto as a 15% shareholder, last year hired Rothschild to conduct a strategic review of its business. Options include building a stand-alone mine, forming a joint venture with the Rossing mine or bringing in more strategic investors.

The Perth-based company said Thursday that its base-case remains to develop Rossing South as a stand-alone project.

Still, it said it continues to hold discussions with external parties, with a number of groups continuing to show interest in the project.

A 10.3% investment in Extract by Itochu has led to "significant interest from other Japanese institutions" and some have visited the project, Extract Chief Executive Jonathan Leslie said in speech notes prepared for the company's annual shareholder meeting.

Japan's Foreign Affairs Secretary Osamu Fujimora has also visited the southern African nation and met Namibia's prime minister, Leslie said. "Good relationships are in place and we continue to enjoy the government's support for this project," he added.

Concerns the Namibian government could wrest control of the project from Extract have weighed on its share price but the company has consistently played down those fears.

It said a project feasibility study for a stand-alone development is now due in the first quarter of 2011, back from its previous guidance of the end of 2010. "Our target for plant commissioning is the first quarter of 2014," Leslie said.

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com

Up she goes!

Chugging along very nicely..

Going well again!

Looks as though KAH has lift off!

Could this be the driver?:

Rio eyes targets on back of ore boom
Miner to buy after year of disposals

Capex to rise to $11bn in 2011
By William MacNamara
Guy Elliott, finance director, confirmed that Rio was on the hunt for acquisitions as it finished a year defined by asset disposals.

We are looking strongly at M&A, he said, but scoffed at the notion of a target anywhere near the size of Alcan, its ill-fated $40bn aluminium buy. We are not looking at huge acquisitions. I would say they are in the low-single-digit billions. But we do see some things out there. What we pursue will be businesses that have synergies with ones we already own.....

Where next?:
Mining giant Rio Tinto is to be the junior partner in a joint venture (JV) with Chinalco. The new company has been formed to explore mainland China for world-class mineral deposits. Rio Tinto will own 49% of the JV and will appoint the chief executive of the new company.

seems to have done the sp good at the mo.,.

Still looking very strong!

Good for 300p minimum....

EXT closed at A$9.25. So seems we have more to come. But, by how much do you value a huge resource with RIO on the doorstep?

Uranium surges as Beijing goes nuclear
Created: 8 December 2010
Written by: Mark Robinson
Spot prices for uranium have recently bubbled up to around the $67 (42.38) mark following confirmation that China's plans for its nuclear industry are far more ambitious than previously thought. At the recent International Nuclear Symposium held in Beijing, Chinese authorities announced that the People's Republic intended to construct up to 245 reactors over the next 20 years, at a projected cost of $511bn (323bn).

China's ambitious urbanisation programme, coupled with unrelenting industrial demand, have placed great strain on its existing power infrastructure. Currently it is reliant on coal-fired power stations for 65 per cent of its energy needs, but as demand steadily rises, the country is facing the prospect of perpetual energy deficits unless alternate sources are brought on stream. By 2020, it is estimated that China will require at least 35 per cent of the worlds current output of uranium ore, and thats before the majority of the new reactors come on stream. Other countries, such as India, are also determined to expand nuclear capacity.

The recent hike in the spot price for uranium means it has now risen around 45 per cent since the start of this year. And come 2013, the supply of 'above-ground' uranium that has come from the gradual decommissioning of a vast arsenal of Sovier-era missiles will cease. That could throw the underlying supply-demand picture into sharp relief and have significant implications for the spot price.

See also: Coking coal hots up

WAYS TO GO NUCLEAR...
Polo Resources and Kalahari Minerals both offer indirect exposure to the massive Rossing South uranium deposit via their interests in Australian-listed Extract Resources. Other quoted uranium plays include Vane Minerals, Forte Energy and Red Rock Resources.

There's also Geiger Counter, a Jersey-listed closed-end fund that invests mostly in uranium shares, and the ETF Securities Global Nuclear Energy exchange-traded fund, which goes by the imaginative TIDM of NUKE.

having really been using KAH as a quick trading stock in recent months - and done pretty well out of it too - but am glad i jumped back in a few days ago, almost on a whim

=============

but all something of a damp squib this morning

predateur

Summary from Extract Resources announcement dated today.

" Extract Resources Ltd has agreed to issue 7,299,069 ordinary shares in the Conpany by way of placement to Kalahari Uranium Limited a 100% subsidiary of Kalahari Minerals plc. ( Kalahari)

On completion the shares will e issued at a price of A$8.35 representing a 5% discount to the 3-day VWAP of Extraxct shares from 3rd December 2010 to 7th December 2010.
The placement is expected to raise A$60.9m.

Following completion Kalahari's interest is expected to increase from 100,043,018 shares representing 41.12% of the shares on issue to 107,342,087shares representing 42.83% of the 250,601,367 shares on issue.

The proceeds of the placement, together with existing cash balances of approximately A$39.7m as of 30th November 2010 will provide funding to complete the Company's current drilling programme for further value engineering and optimisation initiatives in support of the Definitive Feasibility Study on the Hurab Uranium Project and will, in due course, permit initial engineering and pre-developement work to commence at the project.

The placement is conditional upon the Company and Kalahari entering into a formal subscription agreeent and confirmation by ASX that it will not exercise its discretion under ASX Listing Rule 10.11.12or, if this confirmation is not forthcomingshareholder approval

Confirmation of the placement is expected to occur on or before 7th January 2011 or if shareholder approval is required witin two business days of shareholder approval "

The closing price of Extract on ASX was A$9.18.

If approved could add further value to Kalahari price.

Grevis 2

I think you will find that Polo Resources sold its complete holding in Extract in August this year.

See announcement dated 13th August, by Polo.

" Second tranche , 18,650,849 shares sold for A$7.00. "

Relative to today's closing price A$9.18..............ouch

Thanks predateur; I had thought as much.

Kalahari Minerals to move to main market
StockMarketWire.com
AIM - listed Kalahari Minerals is to apply to move to the main market.

The Group's main asset is a 42% holding in Namibian- mining group, Extract Resources which is currently developing the Husab Uranium Project, projected to be one of the largest uranium mines in the world

Chairman, Mark Hohnen comments: "After a very successful four years on AIM, Kalahari has now reached a size and stage of maturity such that the Board believes the Official List is the most appropriate platform for its future growth.

"We are confident that this move will provide the Company with greater share liquidity, enhanced market exposure and a wider shareholder base, befitting to a company of Kalahari's increased profile.

"As Extract Resources' Husab Uranium Project approaches its development phase, our position as a major strategic shareholder in Extract becomes increasingly prominent.

"We are committed to remaining a supportive investor in Extract, as highlighted by our recent announcement regarding the private placement that we initiated in Extract, and we strongly believe that a listing on the Official List will leverage our influence and ability to guide the development of the Husab project."

Today's RNS: Apac of Hong Kong have added around 9 million shares to their holding

Extract, Rio JV prospect silences takeover talk

The West Australian
West Business (Page 31)
Monday, December 13, 2010

As Extract Resources moves into the final stages of a definitive feasibility study over its Namibian Husab project, expectations of a corporate play for the uranium hopeful are easing.

For some investors and analysts it has been a long question of when, not if, Extract will be taken out by a bigger suitor. Topping the list of likely suspects is major shareholder Rio Tinto, which owns the Rossing a mere six kilometres from Husab.

But speculation is growing that a deal at the asset level may be more likely. In particular, the idea of an Extract-Rio joint venture is gaining traction.

One of the major obstacles of any takeover of Extract is its tightly held share registry, which includes London listed Kalahari Minerals (42.8 per cent) Rio (effectively 19.9 per cent because it also has a stake in Kalahari) and Japanese giant Itochu (16 per cent, which again includes a stake in Kalahari)

According to Deutsche Bank analysts Paul Young and Ben Wilson, a JV with Rio would be the most value-accretive option for Extract. They suggest Extract could strike a JV with Rio over zone one of Husab only, potentially leaving the door open for other deals to be done.

Extract is eyeing the sale of further assets for off take, with Asian uranium traders or nuclear operators the most likely counter parties, according to Young and Wilson.

Shareholders will have to wait for early in the new year for a final price tag on Husab because the study has been delayed until the first quarter of 2011.

Last years scoping study suggested Husab could cost about $US704 million ($714 million) to develop but analysts suggest it will top $US1 billion

Australia Uranium Stocks 'Undervalued' on Pent-up Global Demand

December 23, 2010, 10:06 PM EST By Shani Raja

Dec. 24 (Bloomberg) -- Uranium stocks, already trading at higher valuations than their national benchmark indexes, will rise further amid predictions the price of the fuel may surge as much as 30 percent, investors and analysts said.

Uranium prices, which last month climbed to the highest level in more than two years amid a pickup in demand from China, will rally as the global economic recovery spurs countries in Europe and Asia to increase purchases, they said.

Uranium spot prices rose 40 percent this year and 34 percent since the end of September to $62.50 a pound on Dec. 20, according to Roswell, Georgia-based Ux Consulting, which tracks the industry. Producers in Australia and Canada forecast demand for the metal will increase as countries, including India, expand their use of nuclear power to curb emissions from burning coal.

"Uranium spot prices have rallied strongly over the past few months on strong Chinese demand," said Tim Schroeders, who helps manage $1 billion in Melbourne at Pengana Capital Ltd. "With an improving global economy, it's not unreasonable to expect uranium demand to improve, to fuel increased economic activity."

Uranium rose to the highest price in more than two years last month after China Guangdong Nuclear Power Co. agreed to long-term supply contracts with the world's two largest producers, Denver-based pricing service TradeTech LLC said in a Nov. 26 report.

Nuclear Plants

China Guangdong, the country's second-biggest builder of nuclear-power plants, agreed to buy 29 million pounds of uranium through 2025 from Cameco Corp., based in Saskatchewan, Canada, after striking a deal with the miner's larger rival, Kazakhstan's state-run Kazatomprom.

According to Jamie Coutts, a Singapore-based analyst at BGC Partners, a 30 percent gain in uranium prices next year isn't unrealistic as China boosts purchases and after countries including France indicated they will increase nuclear-power generation, while Malaysia and Vietnam outlined plans to build their first nuclear plants.

Pengana's Schroeders is more reticent about that figure.

"Whilst an expectation of higher uranium prices is not unreasonable, a 30 percent rise within 12 months from current levels would surprise," he said.

Uranium stocks have had a mixed performance this year, with Cameco, the world's No. 2 producer, soaring 18 percent in Toronto through yesterday, while Energy Resources of Australia Ltd., controlled by Rio Tinto Group, has plunged 53 percent in Sydney.

Top Picks

Coutts said among his top picks in Australia in the industry are Paladin Energy Ltd., which produces the metal in Africa and has climbed 18 percent this year in Sydney through yesterday, and Extract Resources Ltd., which has risen 7 percent and isn't yet producing.

Paladin traded at 63 times estimated earnings as of the close of trading yesterday, compared with 14 times for Australia's benchmark S&P/ASX 200 Index, while Energy Resources, even after this month forecasting as much as an 83 percent decline in profit for the year, traded at 25 times. Cameco traded at 38 times estimated earnings in Toronto, compared with 18 times for Canada's Standard & Poor's/TSX Composite Index.

"Investors have to do their homework and find out which stocks really have the upside and are most leveraged to an increase in uranium prices," Coutts said. "But when you look overall at the supply-demand metrics of the sector, it really does become a compelling case for higher prices."

Spot Prices

Both Paladin and Extract's businesses are more tied to potential gains in uranium spot prices because of the nature of the contracts the companies negotiated, Coutts said. Others, for instance Energy Resources, have sealed more longer-term deals that are less influenced by potential gains in spot prices, he said.

While Energy Resources, which sells uranium to utilities in Asia, Europe and North America, has signed long-term contracts, the prices it gets are still influenced by spot prices, Lyndon Fagan, a Sydney-based analyst at Royal Bank of Scotland Group Plc said earlier this year.

Most uranium is currently delivered under term contracts, according to Eric Webb, Senior Vice President of Information Services at Ux Consulting.

"Many contracts today are combination offers, although you do still have a few pure market-related ones," he said.

Paladin Energy's Chief Executive Officer John Borshoff told analysts last month that the company expects uranium prices will keep rising after China "piled up" contracts. Last week, the company said it acquired uranium assets for C$260.9 million ($258.4 million) from Fronteer Gold Inc. in a deal that gives the Canadian company 52.1 million Paladin shares.

Atomic Expansion

China and India are leading the biggest atomic expansion since the decade after the 1970s oil crisis in order to reduce air pollution and power their economies. Chinese uranium demand may rise to 20,000 tons annually by 2020, more than a third of the 50,572 tons mined globally last year, according to the World Nuclear Association.

Macquarie Group Ltd. reported last month that Chinese uranium imports had increased, especially between June and September.

Vietnam's government said in June the country plans to build as many as 13 nuclear-power plants with a capacity of 16,000 megawatts by 2030, and that it welcomes overseas assistance.

Malaysia is considering building two 1,000-megawatt nuclear-power plants to start operations in 2021 and 2022 respectively, state news agency Bernama reported this week, citing Energy, Green Technology and Water Minister Peter Chin.

Romania, Lithuania and the U.K. plan to build new nuclear plants, while France and Finland are already doing so. Italy plans a return to atomic energy after more than two decades.

Nuclear energy accounts for about a third of electricity production in the European Union, where 14 nations have atomic- power plants.

http://www.businessweek.com/news/2010-12-23/australia-uranium-stocks-undervalued-on-pent-up-global-demand.html

Dec 23, 2010 (The Australian - ABIX via COMTEX) --
Over 20 fund managers from major institutional investors with a total $A95bn of Australian equities under management have been surveyed by "The Australian". The results show that the most highly-regarded corporate CEOs during 2010 include Ken MacKenzie of Amcor, Craig Dunn of AMP, Chris Rex of Ramsay Health Care and Graeme Liebelt of Orica. The stocks most likely to become the targets of takeover suitors in 2011 meanwhile were thought to be Riversdale Mining, Equinox Minerals, Extract Resources, Oil Search, Santos, Fairfax Media, Goodman Fielder and Computershare.

LOOK at KAH go this a.m. well in the money.,.

Excellent!

12 January 2011

Kalahari Minerals plc (`Kalahari')

Extract Quarterly Report

Kalahari Minerals plc, the AIM listed resource company, is pleased to provide a
quarterly report published today on ASX by Extract Resources Ltd (`Extract' or
`the Company'), in which Kalahari's subsidiary, Kalahari Uranium Limited, holds
a 41.12% interest.

To view figures and diagrams relating to the announcement set out below please
visit www.kalahari-minerals.com for the full version of the Extract release.

Extract announcement:


OVERVIEW

Husab Project Update

* Target for completion of Definitive Feasibility Study (DFS) remains Q1
2011.

* 17 drill rigs operating at Husab during Q4 2010. Priority on infill
drilling at Zone 1. 72,172 metres drilled during the quarter and over
570,000 metres of drilling completed to date.

* Further outstanding chemical assay results continue to demonstrate the high
grade granite hosted uranium mineralisation at the Husab Project.

* Environmental Impact Assessment and Management Plan lodged with the
Ministry of Environment and Tourism.

* Mining Licence lodged with the Ministry of Mines and Energy.

....................

RNS a lot to read but the future looks good and staying put.,.

KAH and EXT both up today.

Kalahari Minerals: Singer Capital upbeat on progress at Extract's Rsing South uranium project
Thursday, January 13, 2011 by Jamie Ashcroft

Extract Resources (TSX:EXT, ASX:EXT) is making progress on all fronts at the world class Rsing South uranium deposit at the Husab project in Namibia, according to research by City Broker Singer Capital Markets.

Rsing South is currently one of the worlds largest uranium deposits. Investors on Londons AIM market are likely to have heard about the project through Kalahari Minerals (LON:KAH) who has a 41.12 percent stake in Extract.

Yesterday Kalahari published an update, relaying Extracts fourth quarter results, to its investors.

This morning Charlie Long gave his view on Kalahari in a note to clients. The Definitive Feasibility Study remains on track for publication in Q1 (calendar), whilst the Environmental Impact Assessment and mining licence application have been lodged with the relevant ministries, Long said.

We remain confident that between the boards of Extract and Kalahari there is enough experience to take Rossing South to production, although we recognise that the construction of a new desalination plant could still delay proceedings.

He adds: We will be watching closely for any developments on the desalination plant as we regard the timing of its construction as the most likely source of delay.

Extract is currently running a massive 17 rig drilling programme. It drilled 72,172 metres in the three months ended 31 December 2010. This took the overall running total to over 570,000 metres. At the moment Extract is focused on Priority 1 infill drilling at Rsing Souths Zone 1.

A resource upgrade is guided for H1 2011, Long said.

We are currently forecasting an update inventory of 375 million pounds, although there is probably upside potential here.

The analyst added: We maintain our target price of 305p based on a peer comparison and an increased inventory of 375 million pounds uranium (U3O8).

(305p good for starters based on 375mlbs... Lots of potential for further increases when you consider press releases from KAH in the past have said they expect north of 500mlbs. Some analysys have even mentioned up to 1000mlbs!)

Monday 21 February, 2011Kalahari Minerals PLC
Extract Resources and Rio Tinto Discussions

Kalahari Minerals plc / Ticker: KAH.L / Index: AIM / Sector: Mining &
Exploration

21 February 2011

Kalahari Minerals plc (`Kalahari' or `the Company')

Discussions Regarding Potential Combination of Extract's Husab Uranium Project
and Rio Tinto's Rsing Uranium Mine

Kalahari Minerals plc, the AIM listed resource company, notes the announcement
published today on the ASX by Extract Resources Ltd (`Extract'), in which
Kalahari's subsidiary, Kalahari Uranium Limited, holds a 41.08% interest. The
Board of Kalahari confirms that is holding discussions with Extract to explore
various different options that might simplify the Extract/Kalahari shareholding
structure.

A further announcement will be made when appropriate.

Full Extract announcement:

Partnership Update

February 21, 2011: Extract Resources Limited (ASX/TSX/NSX: EXT) ("Extract")
advises that it is currently holding discussions with Rio Tinto around a
potential combination of the Husab Uranium Project with the neighbouring
Rsing Uranium Mine, with a view to capturing the significant potential
synergies that could be generated from a joint development of the two projects.
Extract is also holding discussions with Kalahari Minerals Plc to explore
various options that might simplify the Extract/Kalahari shareholding
structure.

These discussions remain confidential and incomplete and there is no certainty
that the parties will reach any agreement. Extract will continue to keep
shareholders informed of any material developments.

About Extract Resources:

Extract Resources Ltd is an international uranium exploration and development
company whose primary focus is in Namibia. The company's principal asset is its
100%-owned Husab Uranium Project which contains one of the fifth largest
uranium only deposits in the world. Extensive exploration potential also exists
for new uranium discoveries in the region. Extract Resources is listed on the
Australian (ASX), Toronto (TSX) and Namibian (NSX) Stock Exchanges.

market likes rns, jumped up nice, glad to be in around 170's.,.

Rio trying to extract best Namibia deal

RIO Tinto is believed to be in the final stages of its complex negotiations with Extract and its 40 per cent shareholder Kalahari Minerals over a uranium joint venture in Namibia. One of the important considerations for Rio is being able to take advantage of the higher value the market places on Extract's project compared with its peers.

With that in mind, it makes sense that the deal on the table is believed to involve a joint venture of the assets that would also allow Rio a bigger share of the holding company that houses the joint venture. Under this scenario, it would be logical for Extract and Kalahari, which also counts Rio as a 15 per cent shareholder, to merge. Rio and Extract/Kalahari would each own 50 per cent of the joint venture. Rio's interests in both Extract and Kalahari would be folded into the joint venture.

Conjecture that Kalahari is opposed to the joint venture that would enable Rio to treat Extract's higher grade ore from its Husab project through its Rossing plant (which is facing challenges including declining ore grades and an increasing capital expenditure profile) is not true.

It is believed Kalahari is supportive of the opportunity. But the London-listed group has taken a robust approach to discussions, keen to ensure it ends up with a fair deal.

http://www.theaustralian.com.au/business/opinion/centro-lenders-sit-tight-as-tsenin-talks/story-e6frg9if-1226011606284

it will be nice if there's some truth behind this as KAH really hasn't performed very well of late

you guys must have been sleeping ..... sp has been pretty whizzy and is strong yet again today

sleeping lion.......been in and watching.....kerching as gibby say's

Making good headway today.,.

glad i topped up a week or two ago even if it means being a bit o'weight in a twitchy market

Takeover bid !.

i know that's on the cards (allegedly!), but just smoke for now unless you know more than me

aha ......

Statement Re Possible Offer

The Board of the Company notes the recent rise in the Company's share price.

On 21 February 2011 the Company announced it was holding discussions with
Extract Resources Ltd (`Extract'), in which Kalahari holds an approximate 43%
interest, to explore various different options that might simplify the Extract/
Kalahari shareholding structure to facilitate a combination of Extract's Husab
Uranium Project with the neighbouring Rsing Uranium Mine owned by Rio Tinto
plc. These discussions remain ongoing and there is no certainty that the
parties will reach any agreement.

The Company further confirms that it is in talks with a third party, which may
or may not lead to an offer being made for the entire issued share capital of
the Company. Discussions are continuing and a further announcement will be made
when appropriate.

Has to be at least 400p I would like to think......those not in, time to buy quicko....topped up myself....surprised this has not jumped up by more yet....

I don't know about 4, but there was talk of 3.50. Nice whatever the result. Could RTZ be about to pounce? It would make sense as it would give them the leverage they would need to force an agreement on Extract.

RNS: 17:07 "GNPC Uranium Resrc" Possible Recommended Cash Offer of 290p!!!!

hope they tell them where to go......want a lot more than that.,.

EXT.AX
Australia's Extract Resources shares surge on prospects of bid
19 minutes ago at Reuters

Tue Mar 8, 2011 3:53am EST

* Rio seen as potential suitor due to Namibian mine proximity

* Rio owns 14 pct stake in Extract and its parent Kalahari

* Extract tells shareholders studying Chinese bid approach for parent

*

MELBOURNE, March 8 (Reuters) - Shares of Extract Resources jumped 7.3 percent on Tuesday on expectations it could become a target for global miner Rio Tinto after a Chinese bid approach for the uranium miner's top shareholder.

Namibia-focused Extract is 43 percent owned by Kalahari Minerals , which said on Monday it was in talks about a possible $1.23 billion takeover offer from a unit of state-owned China Guangdong Nuclear Power Holding Corporation (CGNPC).

Rio Tinto owns 14 percent of Kalahari and is also a 14.2 percent shareholder in Extract and has long been seen as a suitor for Extract as the two companies have neighbouring uranium projects in Namibia.

Rio Tinto declined to comment on Kalahari's announcement that it had been approached with an offer of 290 pence per share and would recommend the offer to shareholders if a formal bid was made on the proposed terms.

Extract shares soared 7.3 percent on Tuesday to close at A$9.94, valuing the company at A$2.9 billion.

Extract said last month it was holding talks with Rio Tinto on jointly developing its Husab uranium project and Rio's Rossing uranium mine, but that did not involve a takeover.

The Chinese move on Kalahari could spur Rio Tinto to find a way to disentangle the cross shareholdings between Extract and Kalahari, analysts said.

"Rio has flagged a willingness to undertake those sort of small-to mid-tier transactions," said Ben Lyons, an analyst at ATI Asset Management, which owns Rio Tinto shares.

"Rio's certainly got the balance sheet capacity to undertake these sorts of transactions."

Rio Tinto has said it is looking at acquisitions worth $5 billion or less.

It has already made a $3.9 billion takeover offer for Mozambique-focused coal miner Riversdale Mining , which is likely to be extended for a third time later this week.

Extract told shareholders to take no action while it considered what Kalahari's announcement meant for it. (Reporting by Sonali Paul; Editing by Rob Taylor and Muralikumar Anantharaman)

290p....you have to be kidding !.....nothing less than 350p....minimum....perhaps 400p to me....

Well we are now heading into new territory. The market does not seem to believe that the party is over.

Cracking day!!

Kalahari takeover offer must inevitably lead to move on local miner

Bryan Frith From: The Australian
March 09, 2011 12:00AM

URANIUM hopeful Extract Resources yesterday advised shareholders it was reviewing the implications of a pound stg. 756 million ($1.2 billion) bid for its major shareholder Kalahari Minerals. One of those implications may be that, under the Takeovers Code, Extract also ends up receiving a bid. It's all to do with downstream bid provisions of the Corporations Act.
Kalahari is a British incorporated company listed on the London Stock Exchange's secondary market AIM and also on the Namibian Stock Exchange (NSX).

Kalahari's major assets are a 43 per cent interest in Extract and a 45 per cent stake in North River Resources, which is also listed on AIM.

Under the Corporations Act, if a party acquires more than 20 per cent, then it is deemed to have the same relevant interest as Kalahari has in other shares.

CGNPC Uranium Resources, which is wholly owned by China Guandong Nuclear Power, a state-owned nuclear power producer, is discussing a possible recommended cash bid for Kalahari of pound stg. 2.90 a share, a premium of 11 per cent to the previous share price and 38 per net to the six month VWAP.

But if CGNPC were to acquire more than 20 per cent of Kalahari it would also acquire a deemed relevant interest in 43 per cent of Extract, and that would fall foul of section 606, which prohibits a party acquiring more than 20 per cent of a company without first making a takeover offer to all shareholders.

Section 611 (14) provides an exemption from the need for an upstream bidder to also bid for the downstream company. It applies if the upstream company is listed on the ASX or a foreign exchange approved in writing by the corporate regulator ASIC.

This issue arose recently with the bid for Germany's Hochtief by the Spanish group ACS. Hochtief owns 54.48 per cent of Leighton, but as Hochtief is listed on Deutsche Borse and it is an ASIC-approved foreign exchange, no downstream bid for Leighton was required.

But AIM and NSX, on which Kalahari is listed, are not on ASIC's approved list. On the face of it, a bid by CGNPC for Kalahari will also require a takeover bid for Extract.

CGNPC can apply for relief to exempt it from the requirement to bid for Extract -- in fact, it will need to apply for relief to enable it to acquire more than 20 per cent of Kalahari.

But it's unlikely the Chinese group would receive unrestricted relief. More likely is that it would obtain restricted relief and, going by ASIC's policy, that would be likely to include a requirement for a full bid for Extract.

ASIC will normally require a bid for the downstream company if the holding in the downstream company comprises more than 50 per cent of the upstream company's assets and control of the downstream company is a main purpose of the downstream acquisition. The stake in Extract is Kalahari's only significant asset. Its stake in North River has a market value of only pound stg. 11m while the company also has between pound stg. 20m and pound stg. 25m.

Extract shares were selling at $9.26 before the possible bid for Kalahari was disclosed and at that price Kalahari's stake was valued at $850m. The stake accounts for more than 90 per cent of Kalahari's assets and that is reflected in Kalahari's market capitalisation, which stood at $1bn before news of the possible bid. It's crystal clear that the main purpose of a bid by CGNPC would be to secure Kalahari's stake in Extract.

The Chinese group admits as much. It says that, given China's emphasis on diversifying energy sources, and its intended increase in nuclear generating capacity to lessen reliance on fossil fuel sources, it is committed to supporting development of new supply capacity in the natural uranium market.

Extract is developing the Husab project in Namibia, which is one of the world's best high-grade uranium deposits.

Where ASIC requires a follow-on downstream bid the offer price is set by an expert at the "see through" value implied by the upstream bid. ASIC also requires a cash bid, or a scrip offer with a cash alternative.

Based on the value of the proposed bid for Kalahari the value of the remaining 57 per cent of Extract would be $1.59bn, or about $10.75 an Extract share. That would put a total value on a bid for both Kalahari and Extract at about $2.79bn. Extract's share price jumped 68c, or 7.3 per cent yesterday, to $9.94, reflecting speculation on the likelihood of a downstream bid.

In the joint announcement to AIM, CGNPC says it will seek relief from ASIC to acquire more than 20 per cent of Kalahari and if, after discussions with ASIC, it proposes to make a downstream offer to Extract shareholders it would only be likely to be made if the possible offer proceeded and became unconditional.

Moreover, any bid would be likely to be subject to the Kalahari bid becoming unconditional and subject to usual defeating conditions, including no prescribed occurrences. The Chinese group would also require foreign investment approval for both the Kalahari offer and any offer for Extract.

It would also be made with substantially equivalent effective benefits to those that are offered to Kalahari shareholders -- that is, the see-through price.

While CGNP and Kalahari are still in discussions about a firm offer, the Kalahari board has indicated that if a firm bid is made at the suggested offer price the directors will recommend acceptance. Those Kalahari directors who own 7 per cent of the company have given irrevocable undertakings they will accept for their holdings, subject to there being no superior proposal, representing an improvement of 5 per cent to value of the possible offer.

Kalahari and CGNPC have also entered into an implementation agreement that includes provisions for Kalahari and CGNPC to pay the other a break fee of pound stg. 7.5m in certain circumstances. That would suggest a high degree of confidence that a firm bid will be made.

CGNPC's statement that it intends to be a partner in the development of the Husab project has possible implications for Rio Tinto. Late last month Extract announce that it was holding discussions with Rio about a possible combination of the Husab project with Rio's neighbouring Rossing uranium mine and was also holding discussions with Kalahari to explore options that may simplify the Extract/Kalahari shareholding structure.

The talks with Rio are still under way, but the arrival of CGNPC on the scene may complicate matters. Rio owns 10.8 per cent of Kalahari and 14.2 per cent of Extract, so it could prevent compulsory acquisition of both companies.

The Japanese group Itochu also has cross-shareholdings -- 13 per cent of Kalahari and 10 per cent of Extract.

Rio is already facing uncertainty over another corporate move, it's $3.9bn takeover bid for Riversdale Mining, which owns major coking coal deposits in Mozambique. Rio began with its foot on 14.9 per cent but to date has been stymied by Riversdale's two major shareholders, the Indian steelmaker Tata and the Brazilian steelmaker CSN.

http://www.theaustralian.com.au/business/kalahari-takeover-offer-must-inevitably-lead-to-move-on-local-miner/story-e6frg8zx-1226017999456

On Wednesday 9 March 2011, 10:22 EST

MELBOURNE, March 9 (Reuters)
Extract Resources shares jumped another 6.1 percent to A$10.55 as investors hoped it could become a target for Rio Tinto after a Chinese bid approach for the uranium miner's 43 percent shareholder Kalahari Minerals . Extract rose 7 percent on Tuesday.

Closing price: EXT.AX 10.73 +0.79 +7.95%

Rio must be irked by the Chinese muscling in on their discussions with EXT. A bid of 350p should see them off. Interesting times!

rustling or muscling? .... surely not another MRSI (may he rest in peace!) in the making? .... anyway, it is clear the market does not believe this is the end of the game

Thanks cynic. Nice word though!

aldo and others - of course the huge loss of life in japan is more than tragic and should not be dismissed lightly, nor the potential impact of this massive disaster on the fragile japanese economy ......

however, peoples' resilience in the aftermath of such cataclysmic events should not be underestimated ...... it is also very encouraging to note that though there is some very minor radioactive leakage, it would seem that these reactors have been exceptionally well designed, albeit 20/30 years ago, and that meltdown is now looking increasingly unlikely - hence an exclusion zone of only 20km.

thus, the pro nuclear lobby will almost certainly be strengthened rather than the opposite as suggested by "friend aldo" elsewhere

Not over yet it seems with another station now on alert plus No.1 and 3 at Fug*** what ever the name is.,.

fortuitously brought myself back from o'weight to normal the other day, and if i had some spare funds, i'ld think about re-buying this morning at 280 or less - it was quite a bit less briefly - as, as posted above, i think the nuclear lobby will have been enhanced by the way these japanese reactors look to have withstood that huge earthquake

sure glad i wasn't tempted! ...... wonder where greed will overcome the fear factor - 260 perhaps

Kalahari Mineral's shares soared to new heights last week after Chinese resources group CGNPC made a 290p-a-share cash offer. Talks between CGNPC and Kalahari are continuing but the Kalahari board is minded to recommend the bid, unless a higher offer appears. Kalahari shares are trading at 298p, suggesting the market hopes a third party will trump CGNPC's bid. Sit tight says the Mail on Sunday.

Well, I've been doing the opposite of everybody else and piling into all sorts of stuff including a small top up in KAH...

So have I but I'm not sure if my brains need scrambled or not. Saw a gap in chart around 290 which apparently " has to be filled" fingers crossed!

What on earth is happening here ?.....damn.....!.....got this wrong 100% by the look of it...

Am a lucky sod, nearly bought somemore last night @234p but didn't. Topped up this am @196p

There is a takeover bid and the stock crashes ?...what ?....problem in Japan affects this ?....

doh! ... of course it does as it throws the open the whole question of the safety of nuclear power

Won't make any difference in a few days, still a take over target.

Australian Financial Review
Street Talk
PRINT EDITION: 24 Mar 2011

Quote

"Rio has promised to lift its offer for Riversdale from $16 to $16.50 a share if it holds more than 50 per cent of the company by next Monday. Rio currently holds a 35.9 per cent interest. Beyond Riversdale, Rio is keeping an eye on the situation at uranium play Extract Resources."

http://www.afr.com/p/opinion/tigers_realm_goes_on_the_prowl_ReNkfpUWHSI27sy30UQe0N?hl

Efforts to trim Extract bid may come to nil

Australian Financial Review
PRINT EDITION: 25 Mar 2011
Street Talk
Edited by Paul Garvey and Khia Mercer

Supporters of uranium play Extract Resources have found reason to hope that a cut to the takeover bid price proposed by China Guangdong Nuclear Power may not be the lay-down misere it appears to be.

China Guangdong has indicated it could look to trim back its offer for Extract's 47 per cent shareholder Kalahari Minerals, citing the changed outlook for the uranium sector on the back of Japan's nuclear issues.

Judging by Extract's share price since the Japan disaster, the market appears to have been betting China Guangdong will follow the lead set by Russia's ARMZ, which earlier this week used the Japanese crisis and falling uranium prices to trim more than

12 per cent from its bid for uranium play Mantra Resources.

The nervousness over the China Guangdong offer has been reflected in the fact Extract has been trading at around $8.25 a share, still well short of the $10.75 see-through price indicated by the Chinese group's existing offer for Kalahari.

Despite overtures from China Guangdong that it could trim its bid, Extract supporters are believed to be taking heart from regulations in Britain - where Kalahari is listed - which are understood to prevent a reduction in an offer price, even if it is only a proposed bid.

It would appear that the only way for China Guangdong to lower its price would be to drop the takeover bid altogether, in which case it would be barred from returning with another offer for three months.

The Chinese may well be reluctant to embark on such a course of action, given any such move would leave the door open for Rio Tinto to finally consummate its long-awaited deal to incorporate Extract's Namibian deposit into Rio's neighbouring Rossing mine.

Given the advanced stage discussions between Extract and Rio had already reached prior to the China Guangdong offer, a three-month delay could be more than enough for Rio Tinto to move in and lock Extract Resources away for itself.

http://www.afr.com/p/opinion/efforts_to_trim_extract_bid_may_LVkBuPl8RBwRUDEgbAKorM?hl

and of course one can offer as much or as little as one chooses, but there is no compulsion to accept ..... i suspect that the initial offer was already on the low side, and though it is certain that nuclear plant development will be put back by say 1-2 years, the long-term demand will remain as fossil fuels diminish ...... indeed, the fact that the japanese reactors seem to have withstood this massive earthquake and tsunami remarkably well, says plenty about the safety precautions already incorporated into this 20/30 year-old design

dont get too excited - buttons i hink but gl

sorry i think and know - lol

Extract holds firm on Kalahari deal

Australian Financial Review
PRINT EDITION: 25 Mar 2011
Angela Macdonald-Smith

Extract Resources chief executive Jonathan Leslie is confident about uranium demand growth in China and sees little risk of China Guangdong Nuclear Power backing away from its $1.2 billion move on Extract's biggest shareholder.

The nuclear crisis in Japan may well slow reactor building plans in Europe but China, the main growth market, would probably still rely heavily on nuclear power, Mr Leslie told The Australian Financial Review .

That meant Extract's huge Husab uranium deposit in Namibia was as strategically important as ever, he said. "I would be very surprised if nuclear was not a large part of China's energy mix going forward, which translates into the need for a huge amount of uranium."

China Guangdong's bid for Kalahari Minerals, which owns 42.8 per cent of Extract, was "very hard evidence" of the attractiveness of the Husab deposit, he said.

Mr Leslie's comments came amid speculation that China Guangdong would use the Japanese nuclear crisis to cut the price of its proposed offer for Kalahari, just as Russia's ARMZ this week shaved at least 12 per cent off its takeover bid for fellow African uranium explorer Mantra Resources.

Both Kalahari's and Extract's shares have crashed since the Japan quake, although Perth-based Extract has recovered almost half its lost ground, closing yesterday at $8.23.

But Extract's shares are well short of the circa $10.75 see-through value from China Guangdong's 290 pence ($4.65) per share proposed offer for London-listed Kalahari.

But Mr Leslie said he did not see many parallels between the ARMZ bid to China's move on Kalahari.

"This is a strategic move, it's not a trading opportunity," he said, noting that the cut in the price for Mantra was in any case a "pretty modest reduction", far from the "armageddon event" some had depicted.

Prior to the Chinese approach to Kalahari, Extract had been negotiating with another of its major shareholders, Rio Tinto, on the joint development of Husab, using Rio's adjacent Rossing mine in Namibia.

Rio is keen to get access to Husab, a deposit formerly known as Rossing South, and any backing away by China Guangdong from its proposed bid runs the risk of Rio elbowing out the Chinese.

"I would think it would be a dangerous move for the Chinese to try to renegotiate because it just opens the door for Rio to come in," said Warwick Grigor at BGF Equities.

"People are chasing quality assets just as they were before and Rossing South is one of those assets," he said.

China Guangdong is understood to be focusing on securing regulatory clearances for its bid so it can proceed with a firm offer for Kalahari. That would then most likely be followed up with a bid for Extract.

Meanwhile, Extract is proceeding "full steam" on its feasibility study for a stand-alone development of Husab, due to be released by the end of the month, Mr Leslie said.

He acknowledged that the drop in Extract's share price could make the stand-alone option more difficult for Husab, which some analysts estimate will cost more than $1.5 billion.

But the talks with Rio, the Chinese bid for Kalahari and the presence of Japan's Itochu as a shareholder in both Kalahari and Extract mean Extract has a range of other options for financing the mine, he said.

"We're lucky because we have more options than most," Mr Leslie said. "It goes back to the strategic importance of the project."

http://www.afr.com/p/business/companies/extract_holds_firm_on_kalahari_deal_MTnmQHplOct90NWjivSIUJ?hl

Kalahari Minerals plc - DFS Confirms Husab's Potential to be One of the Top Three Largest Uranium Mines Globally
Tuesday , 05 Apr 2011

Kalahari Minerals plc, the AIM listed resource company, is pleased to announce that Extract Resources Ltd (Extract' or the Company'), in which Kalahari's subsidiary, Kalahari Uranium Limited, holds a 42.79% interest, has announced the publication of the Definitive Feasibility Study (DFS') on Zones 1 and 2 of the Husab Uranium Project (Husab') in Namibia, highlighting its potential and world class nature.

Kalahari's Executive Chairman, Mark Hohnen, said, "The results of the DFS yet again prove that Husab is the most exciting new uranium project in the world today. The base case development map is now in place for Zones 1 & 2 to transform these into one of the three largest uranium mines in the world, producing 15Mlb of U3O8 per annum via conventional open pit mining and a proven process flow sheet. This is, in isolation, already a fantastic achievement and endorses our investment faith in the project. However, it has to be emphasised that the study is only a base case and Extract has set up the Mine Optimisation and Resources Extension programme (M.O.R.E.') to increase the mine life and to investigate opportunities to add significant additional value through optimisation of the mine plan and process modifications, and to enhance the project's expected mine life, operating and financial performance.

"Accordingly we look forward to the resource update, scheduled for Q2 2011, which relates specifically to infill drilling in Zones 1 and 2 and is expected to result in additional resources as well as converting Inferred Resources to Indicated thereby increasing the maiden reserve of 225 million lbs contained uranium, and extending the project's mine life.

"Additionally, the study, being based only on the defined resources at Zones 1 & 2, does not include the highly prospective areas of Middle Dome, which recently yielded the second highest grade-width intersection in the entire Husab exploration (non-resource) drilling database, Zones 3, 4, 5, Salem, Ida Dome and Pizzaro. Therefore, we believe that there is huge scope for proving up additional resources through on-going exploration.

"Kalahari remains fully supportive of Extract and its development initiatives for Husab. The true scale of the wider project and its potential to support multiple mining operations is only just starting to be appreciated. We believe that the reality is that Husab already represents a hugely significant strategic asset in the context of supply for the nuclear industry, which has now been significantly de-risked, and we believe that there is still significant upside in terms of scale. This was clearly recognised by CGNPC-URC who announced a Possible Offer for Kalahari on 7 March this year. The board of Kalahari believes that CGNPC-URC continues to look to satisfy the stated pre-conditions, as set out in the announcement of 7 March, and we look forward to being able to update the market on this in due course."

From the above statement:

"The board of Kalahari believes that CGNPC-URC continues to look to satisfy the stated pre-conditions, as set out in the announcement of 7 March, and we look forward to being able to update the market on this in due course."

Isn't it time this went back to 300p ?...very disappointing sp at the moment !.

Yes!

YES!

Please !

Might be a 50p surge if the takeover hots up.....

Why the slump ?.....I was expecting 350p by now...(:(((

Kalahari confident as deadline for Chinese bid looms-UPDATE 1

Trade the NewsSaturday April 30, 2011 06:53:10 AM GMT

KALAHARI/ (UPDATE 1)* Kalahari chairman says confident deal will go through
* Kalahari shares trading at 230p, below 290p CGNPC offer

* Deadline for CGNPC bid is 5 p.m. (1600 GMT) on May 3

* CGNPC declines to comment

(Adds details, quotes, background)
LONDON, April 28 (Reuters) - Uranium miner Kalahari Minerals is confident it will seal a deal with state-owned suitor China Guangdong Nuclear Power (CGNPC), despite worries over the takeover price that have held back its shares.
"I am confident in CGNPC. They need uranium, and they want to do the deal," Executive Chairman Mark Hohnen told Reuters.
"I am confident the deal will go through."
He said the two sides had held "commercial discussions" but declined to comment on whether the Chinese had proposed a price cut in the light of Japan's Fukushima nuclear disaster that has prompted Europe, the United States and China to review uranium reactor programmes.

By May 3, under an agreed plan, CGNPC has to either formalise the offer, which would hand resource-hungry China a stake in one of the world's largest uranium mines, agree with Kalahari to extend the bid or scrap negotiations over the deal

The original proposal -- announced last month just days before the Fukushima nuclear reactor was crippled by an earthquake and tsunami -- was backed by Kalahari management and values the company at 756 million pounds ($1.26 billion).

That represents a 25 percent premium to the current market value, reflecting concerns the Chinese could be seeking to renegotiate the price.

CGNPC declined to comment. (Reporting by Clara Ferreira-Marques; Additional reporting by Wan Xu; Editing by Will Waterman) ($1=.6003 Pound)

From today's RNS, JP Morgan seem very confident that matters will proceed to a profitable conclusion, so why the drop in the share price?

28/04/2011 11:17 UKREG Form 8.3 - Kalahari Minerals Plc

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the "Code")
1.KEY INFORMATION
(a) Identity of the person JPMorgan Asset Management whose positions/dealings are being disclosed:
(b) Owner or controller of interests and short N/A
positions disclosed, if different from 1(a):

(c) Name of offeror/offeree Kalahari Minerals Plc in relation to whose relevant securities this form relates:
(e) Date position held/dealing undertaken: 27 April 2011
(f) Has the discloser previously disclosed, NO
Class of relevant security:
Interests Short positions
Number % Number %
(1) Relevant securities owned 15,007,314 6.11
and/or controlled:
(2) Derivatives (other than options):
(3) Options and agreements to purchase/sell:
TOTAL: 15,007,314 6.11

3.DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

(a)Purchases and sales

Class of relevant Purchase/sale Number of securities Price per unit
security
Ordinary Share Purchase 4,000 2.4368 GBP

Kalahari welcomes news on Namibia minerals policy
StockMarketWire.com
Kalahari Minerals has welcomed confirmation that proposed changes to Namibia's minerals policy will not affect the application for a mining licence at Husab.

Kalahari's subsidiary, Kalahari Uranium, has a 43% stake in Australias Extract Resources which owns the Husab uranium project in Namibia.

It noted a report from Extract which stated that it welcomed the confirmation from mines and energy minister Isak Katali that the proposed changes would not apply to existing exploration and mining licences.

At 2:00pm: (LON:KAH) share price was -0.5p at 225.5p


Story provided by StockMarketWire.com

Great! Now let's see if RIO will bid since the Chinese have walked away and cannot re-bid for 3 months.

Namibia Looks At Windfall Tax On Mining, by Lorys Charalambous, Tax-News.com, Cyprus
Wednesday, May 25, 2011




With the objective of gaining more tax revenue from current high global commodity prices, Namibias Mines and Energy Minister, Isak Katali, has disclosed that the government is looking to impose a windfall tax on mining in the country.

Mining plays an extremely important role in Namibias economy, accounting for some 60% of its export earnings and over 15% of its gross national product. Its main mining products include diamonds, uranium, gold, zinc, copper and lead. Namibia is one of the worlds largest diamond producers and provides in the region of 10% of the worlds uranium.

During a speech to the annual meeting of the Chamber of Mines of Namibia, Katali is reported to have said: "It is my view that as the custodian of the mineral resources, the state should also benefit in good times BEYOND NORMAL TAXES AND ROYALTIES. I am talking about windfall taxes to enable government to achieve this objective."

He has requested the Chamber of Mines to enter into discussions with his Ministry to formulate proposals that would provide the government with the additional tax revenue it is looking for, whilst also ensuring that Namibia remains attractive for both local and foreign investment in the mining industry.

In April this year, the Namibian government already gave the mining sector cause for concern when it decided to give all future mineral rights, including those for uranium, to a state-owned mining company.


http://www.tax-news.com/news/Namibia_Looks_At_Windfall_Tax_On_Mining____49543.html

Reuters
30th June 2011


TORONTO Canadian uranium producer Cameco is shopping for development-stage uranium projects and will consider opportunities in Africa, the company's incoming chief executive told Reuters on Wednesday.

Cameco is "scouring the world" for mines that could be in production within 10 years, said Tim Gitzel, who will take over the top job at the company on Friday.

That global search could take the Saskatoon, Saskatchewan-based miner to Africa, the only major uranium-producing region in the world where it does not have operations. Cameco produced about 22.8-million pounds of uranium in 2010 from projects in North America and Kazakhstan.

"We wouldn't hesitate to go to Africa if we could find a project that made sense to Cameco," said Gitzel, who worked for French nuclear giant Areva before joining Cameco as chief operating officer in 2007.

"In my previous life, I looked after uranium mines in Niger and some Gabon properties," he said. "Now Namibia is a big country [for uranium mining]."

Namibia and Niger together produce some 15% of the world's uranium.

Saskatchewan-born Gitzel, who took his first mining job at the tender age of 17, is taking over the top job at Cameco from retiring CE Jerry Grandey at a time when public sentiment is against nuclear power.

Shares of the uranium producer have tumbled more than 30% since a devastating earthquake and tsunami hit Japan in March, leading to the Fukushima debacle, the worst nuclear accident since Chernobyl.

While Gitzel remains confident that the industry will recover, he said the drop in company valuations has created a buying opportunity for Cameco.

"We'll watch now around the world as valuations of other companies and other projects come off," Gitzel said. "If there's something that makes sense, we have the ability to move very quickly on that."

Gitzel did not say how much Cameco would be willing to pay for acquisitions, but he made it clear that the company already has plenty of exploration plays and is looking for assets that are well into the development process.

"We'd be interested if we could find something that could come into production in the next 10 years," he said. "For the uranium business that's near-term production."

GLOBAL FOOTPRINT

Over his first summer as CEO, Gitzel plans to indulge in one of his favorite activities -- visiting Cameco's mine sites.

The company has major projects underway in Canada, the United States, Kazakhstan and Australia, and plans to double uranium production to 40-million pounds a year by 2018.

With development projects underway and his eye on M&A targets, Gitzel sees plenty of opportunity for Cameco even though countries such as Germany and Switzerland have backed away from nuclear power in the aftermath of Fukushima.

"We're watching the world and the market very closely," he said. "We see growth in the market over the next 10 years."

Edited by: Reuters

http://www.investegate.co.uk/Article.aspx?id=20111110070000PDE6E

http://www.investegate.co.uk/Article.aspx?id=20111130072549P9ADC

8 December 2011

RECOMMENDED CASH OFFER

BY

TAURUS MINERAL LIMITED ("Taurus")
(a company formed at the direction of CGNPC Uranium Resources Co., Ltd. ("CGNPC-URC") and The China-Africa Development Fund ("CADFund"))
FOR

KALAHARI MINERALS PLC ("Kalahari")
Summary
Further to the announcement on 10 November 2011 that Kalahari and CGNPC-URC remained in discussions in relation to a possible offer, the boards of Kalahari and CGNPC-URC are pleased to announce that they have reached agreement on the terms of a recommended cash offer for the entire issued and to be issued share capital of Kalahari (the "Offer").

Under the terms of the Offer, Kalahari Shareholders will receive 243.55 pence in cash for each Kalahari Share (the "Offer Price").

The Offer Price values Kalahari's fully diluted share capital, including shares attributable to Options at approximately 632 million.

The Offer will be conditional on, inter alia, acceptances being received in respect of more than 50 per cent. of Kalahari Shares on a fully diluted basis.

There are times when I'm glad I hold certain shares.,.

New corp action.

KALAHARI MINERALS PLC - Take-Over





Taurus Mineral Limited (Taurus) (a Company formed at the direction of CGNPC Uranium Resources Co Ltd and China-Africa Development Fund (CGNPC-URC)) has announced the terms of a recommended Cash Offer (Offer) for the entire issued and to be issued share capital of Kalahari Minerals PLC (Kalahari) on the following basis:

243.55 pence in cash for each Kalahari share held.


You Have The Following Option:

1 Accept the Offer on your holding of 1934 KALAHARI MINERALS ORD GBP0.01 shares.

We will process your instruction on or after 27 January 2012 and your election will be applied to your holding at this time. If you elect to accept the Offer, your shares will not be available for you to sell, or to accept any other Offer unless this Offer lapses. Please note that if you accept the Offer and proceed to sell your shares, you may be liable to buy back costs.



--------------------------------------------------------------------------------


Important Information & Other Key Dates:

The Offer represents a discount of approximately 1 percent to the Closing Price of 246 pence per Kalahari share on 7th October 2011, this being the last practicable Business Day prior to the commencement of the Offer period.

Taurus holds or has received irrevocable undertakings to accept the Offer in respect of 14,339,286 Kalahari shares representing approximately 5.7 percent of the existing issued share capital of the Company.

The Independent Directors of Kalahari having been so advised by Azure and Ambrian consider the terms of the Offer to be fair and reasonable and therefore unanimously recommend that Kalahari shareholders accept the Offer.

Taurus has confirmed that it will not take any action to cancel the admission of Kalahari shares to the Alternative Investment Market (AIM) for a period of six months from the Offer becoming or being declared unconditional in all respects. Taurus is unable to confirm at this stage whether, following the expiry of such time period, it will cancel the admission. Accordingly, Taurus is prepared for the eventuality that Kalahari shares will remain traded on AIM beyond this six month period. However, they can offer no assurances to Kalahari shareholders who do not accept the offer that the shares will remain traded on AIM after six months have elapsed.

If Taurus receives acceptances under the Offer in respect of, and/or otherwise acquires 90 percent or more of the Kalahari shares and assuming that all other conditions of the Offer have been satisfied or waived, Taurus intends to exercise its rights pursuant to sections 979 to 991 (inclusive) of the Companies Act to acquire compulsorily the remaining Kalahari shares to which the Offer relates on the same terms of the Offer.

Please be aware that should you choose to accept the Offer, your entitlement will not be released until the Offer has been declared unconditional in all respects, as stipulated in the Takeover Code. Once the Offer has been declared unconditional in all respects, payment is expected to be made around ten working days following the date of such announcement. You can monitor the progress of the Offer's acceptances through any regulatory news provider. However, we will notify you once your entitlement has been credited to your account.

If you wish to accept the Offer, please do so as soon as possible as the Offer may not be extended.

Before making any decision please take into consideration all relevant factors of the event including the current share price and any possible tax implications. If you require any further information in making your decision please contact an appropriate professional advisor.

Should you choose not to accept the Offer at this time, we will contact you again if the Offer is extended, the terms of the Offer change, the stock is compulsorily acquired or if we are notified that the Offer is closing.

Please note that acceptance to this Offer will only be applied to your holding at the time we process your instruction.

Should you wish to find more information about the Takeover, please visit the Kalahari website, www.kalahari-minerals.com/.

FOR IMMEDIATE RELEASE

11 January 2012

RECOMMENDED CASH OFFER FOR KALAHARI MINERALS PLC ("Kalahari") BY TAURUS MINERAL LIMITED ("Taurus") (A COMPANY FORMED AT THE DIRECTION OF CGNPC URANIUM RESOURCES CO., LTD ("CGNPC-URC") AND THE CHINA-AFRICA DEVELOPMENT FUND ("CADFund"))



Offer update



On 8 December 2011 CGNPC-URC announced that the boards of Kalahari and CGNPC-URC had reached agreement on the terms of a recommended cash offer for the entire issued and to be issued share capital of Kalahari (the "Offer"), the full terms and conditions to which were set out in the offer document issued by Taurus on 5 January 2012 (the "Offer Document").

As set out in the Offer Document, the Offer is conditional upon, inter alia, the Namibian Competition Commission deciding, without imposing any terms or conditions which would have a material adverse effect on the economic value of the Husab Uranium Project in the context of the Wider Kalahari Group, that it consents to the proposed acquisition by the Wider CGNPC-URC Group (which for these purposes shall include the Wider Kalahari Group (excluding Extract)) of control of Extract which will occur once the Offer and the Extract Offer have each become wholly unconditional in accordance with their terms.

On 10 January 2012 Taurus received confirmation from the Namibian Competition Commission that it has approved the proposed merger of Taurus and Extract Resources Limited without conditions. Accordingly condition 1.1(d), as set out in Part A of Appendix I to the Offer Document has been satisfied.

The Offer, which remains subject to the terms set out in the Offer Document, will remain open for acceptances until 1.00 p.m. (London time) on 2 February 2012.

Terms and expressions used in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the Offer Document.