article in the australian today...

hina wants its yellowcake, and to heat it too by: Tim Boreham, Criterion From: The Australian October 11, 2011

FUKUSHIMA will stay firmly off the holiday agenda for anyone but extreme vacationers, but that hasn't stopped the Chinese from staking their claim on uranium projects that have been trashed in value. Interest centres on Namibia, the global "it" spot for the yellow substance.
Extract Resources (EXT), $8.86, in a trading halt

Bannerman Resources (BMN) 42c

Paladin Energy (PDN) $1.71

Extract shares entered a trading halt following media reports that China's Guangdong Nuclear Power was set to lob a takeover bid for the British Kalahari Minerals, which owns the Husab project next to Rio Tinto's Rossing mine.

Given Kalahari also owns close to 43 per cent of Extract, legally the Chinese will probably have to bid for Extract as well.

Sticking with the out-of-Africa theme, Bannerman Resources last month confirmed it was still in discussion with Sinchuan Hanlong over the latter's earlier rejected 61.2c-a-share cash proposal.

Bannerman owns 80 per cent of the Etango project, south of the Rossing mine, considered to be one of the world's biggest undeveloped uranium deposits.

Bannerman shares spiked 27 per cent. But the more grateful collateral recipient of the Extract intrigue was Paladin Energy, owner of the Langer Heinrich and Kayelekera mines in Namibia and Malawi respectively.

Paladin's 17.5c-a-share (11 per cent) rally took the five-day gains to 55 per cent, vindicating the insto bravehearts who stumped up $1.16 a share in last month's private placement. Still, Paladin shares are off 65 per cent since the Japanese disaster in March.

Criterion grimly holds to his belief that Paladin, one of the world's few listed pure-play uranium stocks, will be taken over. We did better with Extract, citing the stock as a spec buy at 29.5c last month after the insider trading concerns emerged. We continue to rate Paladin and Bannerman as spec buys and Extract as a hold.