25 May 2012

Reserve boost cheers Kalahari

10/08/2011 Robert Tyerman

Kalahari Minerals (KAH) cites maiden proven reserves at Namibia's Husab uranium project of 78.7 million lbs of uranium oxide U3O8.

The AIM-quoted company has a 42.74 per cent stake in Husab's owner and operator, Aussie-quoted Extract Resources, which has unveiled a 37 per cent increase in ore reserves to 280 million tonnes and a 42 per cent hike in estimated proven and probable reserves since April to 319.9 million lbs, at an ore grade improved from 497 to 518 parts per million. Mark Hohnen, executive chairman of London-based Kalahari, argues 'there is significant scope to increase the current attributable resource base of more than 500 million lbs of U3O8 through the development of additional zones which have already yielded some excellent results.'

A former market darling, Kalahari's rating has suffered from the fall out from Japan's Fukushima nuclear disaster, which played a part in the withdrawal of Chinese group Guangdong Nuclear Power's mooted bid in the spring, worth 290p a share. Mining giant Rio Tinto, which operates the longstanding Rossing uranium mine next to Husab's Rossing South deposit, has a noticeable stake in the company, whose shares have traded between 301p and 142p over the past year and now change hands at 218p, up 10p today, valuing Kalahari at £535.5 million.

They have potential for medium-term recovery.

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Tags: AIM market, Extract Resources, Husab uranium project, Mark Hohnen, Namibia, Rio Tinto, Rossing South

Sector: Mining

Companies: Kalahari Minerals

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