given the latest delay for the cgnpc cash offer for kah (now awaiting UK takeover panel approval to accept 270) and the fact that in the near term (say 3-6 months) any price accepted by EXT below $11 is going to look ridiculously cheap, RIO must be salivating at the prospect of making an offer for EXT directly. Bare in mind also (a) Albanese said in recent presso to 'watch this space' re u308, (b) the synergies available wrt RS and(c) ERAs current and longer term fundamental dilemmas.
I think RIO was waiting to see if China pulled out after Fukky but they haven't and the Epangelo concerns are wanning as we saw with the LSE price action last night and on Aussie mkt today. CGNPC have laid their 270 card down and reserve the right to pay up 290 so now RIO can make its' move more decisively. CGNPC will hopefully rue the day (being yday) that they didn't go unconditional. I think RIO have very little choice but to try and wrangle the RS jewel away from China if they are serious about their uranium strategy.
Consider ERA: - MacQ has written off heap leaching value it is extremely unlikely to get environmental approval; - The underground Ranger3 Deeps projects are likely years away from production; - it needs a substantial cash injection to forge ahead and de-risk itself - water treatment facility capital costs just committed to; - prospects of further Ranger delays past July due to water treatment probs - awaiting Mirrar approval for Jabaluka - anti u308 sentiment by the govt now that they have to keep the greens happy to stay in power
Tommy A my boy - cough up!!!!! $15 should keep us EXTRACTORS happy.
EXT Price at posting:
$7.63 Sentiment: LT Buy Disclosure: Held
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