By Jesse Riseborough
Oct. 28 (Bloomberg) -- A unit of China Guangdong Nuclear Power Holding Co., the smaller of the nation’s two atomic power producers, won approval from Australia to buy 70 percent of uranium explorer Energy Metals Ltd.
China Uranium Development Co., which offered A$83.6 million ($76 million), or A$1.02 a share, for Energy Metals on Sept. 8, received notification yesterday from Australia’s Foreign Investment Review Board, the Perth-based company said today in a statement to the Australian stock exchange.
The agreed takeover still requires Chinese regulatory approvals and a minimum 50.1 percent acceptance from Energy Metals shareholders. On Oct. 23, Australia allowed China’s Yanzhou Coal Mining Co. to proceed with a A$3.5 billion takeover of Felix Resources Ltd.
By Jesse RiseboroughOct. 28 (Bloomberg) -- A unit of China Guangdong Nuclear Power Holding Co., the smaller of the nation’s two atomic power producers, won approval from Australia to buy 70 percent of uranium explorer Energy Metals Ltd.
China Uranium Development Co., which offered A$83.6 million ($76 million), or A$1.02 a share, for Energy Metals on Sept. 8, received notification yesterday from Australia’s Foreign Investment Review Board, the Perth-based company said today in a statement to the Australian stock exchange.
The agreed takeover still requires Chinese regulatory approvals and a minimum 50.1 percent acceptance from Energy Metals shareholders. On Oct. 23, Australia allowed China’s Yanzhou Coal Mining Co. to proceed with a A$3.5 billion takeover of Felix Resources Ltd.
Energy Metals, which has more than doubled this year in Sydney trading, rose 3.3 percent to 95 cents at the 4:10 p.m. Sydney time close on the exchange. The company is 40 percent owned by Jindalee Resources Ltd. which jumped 10 percent to 98 cents.
Energy Metals owns uranium exploration projects in Western Australia state and the Northern Territory including the Bigrlyi joint venture, estimated to contain 9,340 metric tons of uranium, according to a July 22 company presentation.
China National Nuclear Corp., state-controlled like China Guangdong Nuclear, is the country’s largest operator of atomic power plants.
To contact the reporters on this story: Jesse Riseborough in Melbourne at jriseborough@bloomberg.net
Energy Metals, which has more than doubled this year in Sydney trading, rose 3.3 percent to 95 cents at the 4:10 p.m. Sydney time close on the exchange. The company is 40 percent owned by Jindalee Resources Ltd. which jumped 10 percent to 98 cents.
Energy Metals owns uranium exploration projects in Western Australia state and the Northern Territory including the Bigrlyi joint venture, estimated to contain 9,340 metric tons of uranium, according to a July 22 company presentation.
China National Nuclear Corp., state-controlled like China Guangdong Nuclear, is the country’s largest operator of atomic power plants.
To contact the reporters on this story: Jesse Riseborough in Melbourne at jriseborough@bloomberg.net
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