japs to take 15% of kah, page-29

I know that I'll probably be shot down in flames for simply posting something by a couple of people that hate me on here for some reason but here you all go:-


Japan's Itochu buys 15% of Kalahari Resources

JOHANNESBURG (miningweekly.com) - Japanese-based Itochu Corporation said on Friday that it would acquire a 15% stake in Kalahari Minerals, through its Australian subsidiary Nippon Uranium Resources.

This would make Itochu the largest shareholder of Kalahari Resources, which, in turn, is the biggest shareholder of Extract Resources.

Extract Resources owns 100% of Namibia's new Rossing South uranium deposit, which could host one of the leading uranium mines in the world. The project is currently under a feasibility study for first production in 2013.

A preliminary cost estimate report on the mineralisation at Rossing South indicated that the project could support a viable openpit mining operation developed to feed a 15-million-ton-a-year agitated tank sulphuric acid leach process plant. Production was estimated at 14,8-million pounds of uranium oxide a year.

Itochu said in a statement that the Nambian project was one of the largest uranium prospects in the world, and that it would receive full support from the Japanese government.

Uranium demand is expected to increase in coming years as the global nuclear power generation industry expands.

Currently, there are 436 nuclear power reactors in operation and 53 under construction, while a further 469 new reactors are planned globally as of February 2010.

A report by Resource Capital Research showed that a total of 67 new reactors are scheduled to be commissioned by 2016.

Itochu said that it would remain committed to an aggressive approach in its uranium business and envisioned contributing greatly to the stable supply of uranium to Japan.

The company delivered about 4 000 t of uranium in 2009

http://www.miningweekly.com/article/japans-itochu-acquires-stake-in-namibia-uranium-deposit-2010-03-26