Mega considered a potential buyer for RIO's Kintyre Project in WA. Would give them synergies with RPT/Mega's surrounding Kintyre tenements. Snippent from Miningnews today:
Rio's sale of Kintyre, meanwhile, is not a good sign for the sector in WA. Kintyre, which is one of the largest undeveloped uranium deposits in the world, has a resource of some 36,000 tonnes of uranium.
Wendt said that Rio's on-going expansion at the Rossing uranium mine in Namibia was a clear signal that the major miner was planning to stick with uranium and saw an immediate price upside for the commodity – suggesting the sale of Kintyre was a decision made with a long-term view.
"If they're actually getting rid of Kintyre, that says to me is that they see a window of opportunity there with the uranium price where it is now, and they see they can maximize the benefits by investing money where it can generate a return very quickly, ie the expansion of Rossing, rather than waiting," Wendt said.
"It's Rio voting with their feet, saying that 'we don't see the rules being changed in a reasonable time, so we're selling out'. I think it is fairly significant and it indicates Rio isn't prepared to stick it out, and would prefer to go and make hay elsewhere while the sun shines."
Media reports have flagged Oxiana as a possible buyer for Kintyre, but both Oxiana and Toro, declined to comment on media speculation when contacted by MiningNews.net. Oxiana is a major shareholder in Toro.
Australia's newest uranium producer, Paladin Resources has also been tagged as a potential buyer for the deposit, as hane Canadians Mega Uranium and Cameco, one of the world's major uranium producers.
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