Rio's share raid on Extract continues

Rio Tinto's share raid on South Perth-based Extract Resources Ltd has continued, with the mining major lifting its stake in the explorer to 14.4 per cent.

The share increase follows an share raid announced earlier this week where Rio increased its holding in Extract from 10.9 per cent to 13.1 per cent.

In a notice to the market today, Rio bought over 2.8 million shares priced at around $1.12 each. The mining major currently holds over 30.6 million Extract shares.

One of Extract's projects borders Rio's operating uranium mine in Namibia while its other projects are located nearby.

Rio has previously said it will explore for more uranium in the surrounding area of its Rossing uranium mine.

Extract is currently the subject of a merger deal with West Perth-based Kalahari Minerals.