Itochu to buy stake in Extract Resources from Polo Resources Ayai Tomisawa From: Dow Jones Newswires July 09, 2010 11:05AM
ITOCHU will buy around a 10 per cent stake in Extract Resources from London-listed Polo Resources to strengthen its uranium business.
The Japanese trading company, which said it plans to announce the deal later today, in March agreed to acquire a 15 per cent stake in mining company Kalahari Minerals, which has uranium, gold, copper and other base metal interests in Namibia and holds a 40 per cent stake in Extract Resources.
"We already bought a stake in its parent company in March," an Itochu spokesman said, adding that an additional stake purchase in Extract Resources would enhance its relationship with the company.
While the trading house did not release the value of the deal, the Nikkei reported in its Friday morning edition that Itochu will purchase shares held by an investment firm for an estimated Y15 billion
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