Some of the 19 drills on site at the Husab uranium project when exploration activities peaked in mid 2010.

London, England --- MININGREVIEW.COM --- 01 February 2012 - International mining giant Rio Tinto has accepted a bid from China Guangdong Nuclear Power Corporation (CGNPC) for its 11.1% stake in Kalahari Minerals ‒ a top shareholder in one of the world’s largest uranium projects.

CGNPC ‒ which has been seeking new sources of uranium supply ‒ wants to buy Kalahari for its 42.7% interest in Extract Resources, which owns the Husab uranium project in Namibia.

The Chinese, whose offer for Kalahari closes tomorrow, have said they would make an offer for Extract if they won acceptances for at least 50% of Kalahari’s shares. They are under no obligation to extend the offer if it does not cross the threshold.

Rio, which also holds 14.2% of Extract Resources, said it would make a decision in due course on whether to accept any offer for its Extract shares.