Sichuan Hanlong Group bids for overseas uranium mine

China’s Sichuan Hanlong Group Co., Ltd recently made a “highly conditional” bid of A$144 million ($154.9 million) for Australia’s Bannerman Resources Ltd, aiming to purchase its uranium project in Namibia, according to a report from Reuters on Monday.

The bid from Hanlong offered A$0.612 ($0.660) per share, issued at a 59 percent premium over Bannerman’s Friday close. Reports stated that Hanlong was eager to purchase overseas uranium mines due to the low price of international natural uranium, which stood at $52.75 per pound last week, still suffering from the Fukushima nuclear crisis in March. 

In November 2010, Sichuan Hanlong signed an agreement on a uranium project in Namibia with Australia’s Marenica Energy Ltd, and purchased the group’s 12-percent stock right. Sichuan Hanlong Group thus became the first civilian-run enterprise in China to enter the international uranium market.

Source: Global Times

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