22/09/2008 - 14:52

Rio lifts Extract Resources stake

22/09/2008 - 14:52

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Rio Tinto has continued its share raid on South Perth-based uranium explorer Extract Resources Ltd which is planning a merger with Kalahari Minerals Ltd.

Rio Tinto has continued its share raid on South Perth-based uranium explorer Extract Resources Ltd which is planning a merger with Kalahari Minerals Ltd.

In an ASX notice, Rio bought nearly 4.7 million Extract shares through on-market purchases over the past two weeks, paying between 97 cents and $1.20 for each share.

The share raid now brings Rio's holding in Extract to 13.1 per cent, up from 10.9 per cent.

Extract is currently exploring for uranium in Namibia with its Rossing South project bordering Rio's Rossing uranium mine, and its Ida Dome and Husab projects also located nearby.

The share purchase comes as Extract plans to merge with West Perth-based Kalahari, which already holds a 39.11 per cent stake in Extract.

Kalahari is offering 1.6 of its shares for each Extract share.

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