25 May 2012

Emerging Metals ups Kalahari stake 

23/02/2009 Robert Tyerman

Mining entrepreneur Stephen Dattels’ Emerging Metals has increased its holding in fellow AIM counter Kalahari Minerals from 7.5 to 8.8 per cent.

Emerging Metals has entered a crowded arena, in which beleaguered mining giant Rio Tinto has taken bigger chunks of Kalahari, attracted by its indirect holding in the Rossing South uranium deposit in Namibia’s Husab uranium project. Rio Tinto, owner of the long-standing Rossing uranium mine next door, has built up a near 16 per cent stake in Kalahari, and another AIM concern, Niger Uranium, has a similar holding.

Kalahari holds its Rossing stake through its 40.6 per cent interest in Aussie-quoted Extract Resources. Rio has more than 14 per cent of Extract, and Kalahari’s board is concerned to prevent de facto control of the project slipping to Rio without a full bid.

At 79.5p, up 8.5p today, Kalahari’s shares, recommended by Growth Company Investor early last year at 26.25p, are worth holding.  

Save 50% off your first year’s subscription to Growth Company Investor magazine, and gain immediate access to all the recommendations online. Click here.

Tags: Mergers & acquisitions

Sector: Mining

Companies: West African Minerals , Kalahari Minerals , Rio Tinto

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