Share moves cheer Kalahari

31/03/2009 Robert Tyerman

Polo Resources’ purchase of 5.7 per cent of Aussie-quoted Extract Resources has rekindled bid speculation over uranium play Kalahari Minerals.

Mining entrepreneur and uranium player Stephen Dattels is executive chairman of AIM-quoted Polo and also heads its fellow AIM counter, Emerging Metals, which has an 8.8 per cent stake in Kalahari. Mining giant Rio Tinto recently upped its own Kalahari holding to 16 per cent and a third AIM play, Niger Uranium, also has a hefty Kalahari holding.

Kalahari’s primary interest is its 38.65 per cent holding in Extract, which owns the Rossing South uranium deposit in Namibia’s Husab deposit. Recent assays have suggested Rossing South could be ‘one of the largest uranium deposits in the world’, says the company, and that is what has stirred interest from Rio, which runs the long-standing Rossing uranium mine next door.

Shares in Kalahari, highlighted by Growth Company Investor at 15p three years ago and again at 26.25p in early 2008, have now reached 106p, valuing the company at £190 million. Hold on for now.

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