ITOCHU, the Japanese corporate giant that also holds 15 per cent in the Kudu gas field, on Friday acquire a 10,3 per cent risk in Extract Resources, developers of Rossing South. According to the Nikkei business every day the deal is worth 15 billion yen, US$170 million. Shares of Extract Resources jumped as much as 5, 2 per cent on Friday following the deal, while Itochu shares remained flat.
Extract Resources is rising the Rossing South mine in the Namib, which is scheduled to begin churn out 5 800 tonnes a year of uranium in 2013, more than ten per cent of global production. Output could ultimately reach 220 000 tonnes, making the area one of the world’s most productive sources of the mineral. An Itochu spokesman said the company aims to obtain marketing rights for uranium from Namibia, mainly for deliver to Japanese electric power utilities.
In March, Itochu attain 15 per cent of Britain’s Kalahari Minerals PLC, which owns 40 per cent of Extract Resources. The around 8,5 billion yen acquire gave Itochu an effective stake of six per cent in Rossing South. The deal came as a number of countries, with the United States, are planning new nuclear power plants in a bid to cut carbon emissions. Japan Oil, Gas and Metals National Corp (JOGMEC) said it would expand four billion yen of loans to Itochu to back the Namibia project, the first time it has agreed financial aid to a uranium mining development.
Extract Resources is rising the Rossing South mine in the Namib, which is scheduled to begin churn out 5 800 tonnes a year of uranium in 2013, more than ten per cent of global production. Output could ultimately reach 220 000 tonnes, making the area one of the world’s most productive sources of the mineral. An Itochu spokesman said the company aims to obtain marketing rights for uranium from Namibia, mainly for deliver to Japanese electric power utilities.
In March, Itochu attain 15 per cent of Britain’s Kalahari Minerals PLC, which owns 40 per cent of Extract Resources. The around 8,5 billion yen acquire gave Itochu an effective stake of six per cent in Rossing South. The deal came as a number of countries, with the United States, are planning new nuclear power plants in a bid to cut carbon emissions. Japan Oil, Gas and Metals National Corp (JOGMEC) said it would expand four billion yen of loans to Itochu to back the Namibia project, the first time it has agreed financial aid to a uranium mining development.
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