The SMH has an article on Chinese interest in acquiring stakes in Australian uranium mines – Chinese target uranium.
A BEIJING directive to its growing nuclear power industry to step up the acquisition of strategic uranium supplies has led to an agreed $85 million takeover bid for Energy Metals, the main partner in the Northern Territory Bigrlyi uranium deposit.
China’s state-owned China Guangdong Nuclear Power Holding Company (CNGNPC) is bidding $1.02 a share in cash for up to 70 per cent of Energy Metals and will also underwrite an $11.7 million rights issue at 90c a share, which could end up delivering it 73 per cent of the company.
The move into the local uranium industry is the biggest yet by China and follows the agreement that allows uranium exports from Australia to China for the first time.
The chairman of the Australian Nuclear Science and Technology Organisation, Ziggy Switkowski, forecast the investment would be ”just the first of many” as China and the world eyes Australia’s uranium to meet its energy needs.