EXT got a tiny mention in the Fin Review yesterday. Nothing we don't know and even some incorrect facts but it is nice that the general media is taking notice.
The Australian Financial Review Monday 23 March 2009 Page 18
Meanwhile, a "well done on the new job, let's meet soon" letter from BHP Billiton chairman Don Argus to his new counterpart at Rio Tinto, Jan Du Plessis, buoyed by investor hopes that BHP might propose an alternative to Chinalco's $US19.5 billion ($28 billion) investment.
BHP is trading at a substantial premium to Rio and while there's some operational logic to a deal, most reckon BHP is unlikely to dust off the merger proposal any time soon.
But there may be more going on behind Rio's closed doors and fingers are pointing at its 14 percent stake in Uranium play Extract Resources.
Rio own 69 percent of Rossing Uranium mine, within spitting distance of Extract's Rossing South Uranium project in Namibia.
Shares in Extract have risen on good volume from $1 in early December to $3.16 last Friday. Rio has never hidden its interest in expanding this area and some in the market reckon the mining giant may be drawing closer to taking over its smaller rival.
EXT Price at posting:
$3.44 Sentiment: Buy Disclosure: Held
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