rio buying up, page-19

Monday, September 22, 2008

Rio Tinto increases interest in Extract Resources

Speculation among the investment community about the intention of Rio Tinto (LSE: RIO) towards Extract Resources intensified today after the mining heavyweight announced that it had increased its interest by a further 4.68 million shares. Rio Tinto now holds 13.1% of Extract Resources.

Rio Tinto also holds a 14.9% interest in Kalahari Minerals which is in the midst of a merger with Extract Resources to create a serious player in Namibia's mineral resources sector. The combined group with have interests in uranium, base metal and precious metal projects, but the overwhelming interest of Rio Tinto is its uranium projects, which lie south of its own Rossing Uranium Mine.

Assuming Kalahari and Extract complete their merger, Rio Tinto will hold 18.6% of the enlarged group.



http://www.proactiveinvestors.com.au/companies/news/268/rio-tinto-increases-interest-in-extract-resources-0268.html