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.

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