CGNPC Says Kalahari Minerals Offer Declared Unconditional

China Guangdong Nuclear Power Corp. has made its offer for London-listed Kalahari Minerals PLC (KAH.LN) wholly unconditional, marking another step in its quest to secure more uranium for China's growing fleet of nuclear power stations.

CGNPC, through its Taurus bid vehicle, has secured acceptances representing 89.5% of the Kalahari's total share capital as of 1300 GMT, Thursday, placing the company in a position to make its GBP632 million (US$999 million) for Kalahari Minerals unconditional.

Kalahari Minerals main asset is a nearly 43% interest in Australia's Extract Resources Ltd. (EXT.AU), which owns the Husab uranium project in Namibia, a massive deposit that promised to become one the world's largest uranium mines.

Trading in Australia's Extract Resources was halted Friday while the company awaits a likely bid from CGNPC that would value it at almost A$2.2 billion (US$2.4 billion).

The Chinese companies have said they would abide by Australian takeover rules, which require the bid to be extended to Extract Resource's shareholders within four weeks of them securing more than 50% of parent Kalahari.

-By Alex MacDonald and Robb M. Stewart, Dow Jones Newswires; [phone]; [e-mail]