Make of this what you will. Seems to raise more questions for me...

Make of this what you will. Seems to raise more questions for me than provide answers...

On second thoughts - reading between the lines, it may be saying that CGNPC will provide Epangelo with a 10% holding once they own the resource. Does that sound like a possible interpretation?

How they come to own the resource is another topic.

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http://www.namibian.com.na/news/full-story/archive/2011/november/article/chinese-epangelo-team-up-for-husab/

Chinese, Epangelo team up for Husab
By: STAFF REPORTER

STATE-OWNED China Guangdong Nuclear Power Company (CGNPC) and Namibian state-owned Epangelo Mining Company have entered into an agreement to try and secure a ten per cent stake in Husab, the fourth biggest uranium deposit in the world.
Mines and Energy Minister Isak Katali yesterday confirmed the working agreement. However, he dispelled speculation that the Chinese are trying to become a shareholder in Epangelo.
“Epangelo is a 100 per cent state-owned company and shareholding is not an option,” Katali said.
Epangelo and CGNPC will be in partnership only through a working agreement, and only to secure a stake in Husab, he said. Katali declined to go into the details of how the agreement will work.
Husab belongs to Australian-based Extract Resources, which has already applied for a mining licence to develop the mine next to Rössing at a cost of about US$1,7 billion.
Earlier this year, Cabinet decided to allocate exclusive exploration and mining licences of all strategic minerals, including uranium, to Epangelo.
CGNPG is also in take-over talks with UK-based Kalahari Minerals PLC, which owns 43 per cent of Extract Resources.
The Chinese company recently made a 611-million-pound bid for Kalahari, lower than the 756 million pounds it offered earlier this year before the Fukushima nuclear disaster. Following the disaster, CGNPC dropped its offer, which was blocked by the UK takeover panel watchdog.
Negotiations were revived in October. Kalahari confirmed the offer at the time, but said “discussions may or may not lead to an offer being made”.
The Chinese have until December 8 to commit to the offer to Kalahari and can seek an extension of this deadline.




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