Coen Welsh | Nov 14, 2017 | 0
Rio Tinto sells all shares in Kalahari Minerals
Rio Tinto Rössing announced last week it has accepted the offer made by Taurus Mineral Limited, a company formed at the direction of CGNPC Uranium Resources and the China-Africa Development Fund for all of its shares in Kalahari Minerals plc. Rio Tinto Rössing holds an interest of 28,267,310 shares, approximately 11.1% in Kalahari.
Rio Tinto Rössing also holds an interest of approximately 14.22 % of the shares in Extract Resources Limited.
Under the terms of relief granted to Taurus by the Australian Securities and Investments Commission, Taurus must make an off-market takeover offer to all Extract shareholders within four weeks of Taurus having received acceptances of the Kalahari offer in respect of more than 50% of the voting rights in Kalahari. A decision about whether to accept any Extract offer will be taken in due course in light of any recommendation provided by the board of Extract.