22nd Sep 2008 15:01
Kalahari Minerals plc / Ticker: KAH / Index: AIM / Sector: Mining & Exploration
22 September 2008
Kalahari Minerals plc ("Kalahari" or "the Company")
Notice of Major Shareholdings by Rio Tinto
Kalahari Minerals plc, the AIM listed mining exploration group with a portfolio of copper, base metal and uranium interests in Namibia, announces that Rio Tinto International Holdings Australia Pty Ltd ('Rio Tinto') has increased its stake in ASX listed Extract Resources Limited ('Extract') through the purchase of 4,684,033 ordinary shares on 18 September 2008. This purchase increases Rio Tinto's substantial holding to approximately 13.1% of Extract's total voting rights. This is following Kalahari and Extract's announcement on 5 September 2008 regarding the proposed restructure by means of a merger of the two companies.
This purchase follows Rio Tinto's purchase of approximately 14.9% and 10.9% in Kalahari and Extract respectively on 11 September 2008.
The restructure will consolidate ownership of the assets of each company into a single corporate vehicle (the 'Enlarged Company'). It is intended that the Enlarged Company will (subject to required approvals) be dual listed on AIM and the ASX. Post restructure, Rio Tinto will hold approximately 18.6% in the Enlarged Company.
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For further information please visit www.kalahari-minerals.com or contact: |
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Mark Hohnen |
Kalahari Minerals Plc |
Tel: +61 (0) 8 9389 4488 |
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Olly Cairns / Romil Patel |
Blue Oar Securities Plc |
Tel: +61 (0) 86430 1631 / 020 7448 4400 |
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Richard Chase |
Ambrian Partners |
Tel: 020 7634 4700 |
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Robert Collins / Neil Elliot |
Evolution Securities Ltd |
Tel: 020 7071 4300 |
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Victoria Thomas / Hugo De Salis |
St Brides Media & Finance Ltd |
Tel: 020 7236 1177 |
Notes
Kalahari Minerals Plc is an AIM listed mining and exploration group with a portfolio of copper and base metal prospects within western and eastern central Namibia. Two of the project areas, Dordabis and Witvlei, are prospective for sediment hosted copper mineralisation consistent with the world class Zambian Copper Belt. A third project, Ubib, is prospective for gold mineralisation and is nearby the operating Navachab gold mine.
The Company holds a 39.11% interest in ASX listed Extract Resources Limited, which is focused on uranium exploration. Its key project is the Husab uranium project in Namibia where results from an ongoing drilling programme reinforce the Company's belief that the area has a strong potential to host an economic uranium deposit.
On 5th September 2008 Kalahari announced the proposed merger of Kalahari and Extract with the Enlarged Company to be dual listed on AIM and the ASX. An AIM Admission Document setting out the full details of the Enlarged Company is expected to be published by the end of October 2008.
The Company also has a 90% interest in the highly prospective Namib Lead Zinc Project centred on the old Namib Lead Mine, which was an underground operation from 1965 - 1992. Previous mine studies (non JORC compliant) indicate surface tails and underground mining reserves of 1.65 million tonnes at 5.7% zinc, 1.6% lead and 40.2 g/t silver. Kalahari aims to take the project to bankable feasibility study stage with a view to re-commencing mining operations in the short term.
Related Shares:
Rio Tinto