rio will seek to negotiate a joint venture, page-15

Yup, it's in Rio Tinto's annual report (see http://www.riotinto.com/annualreport2008/performance/energy_minerals/group_projects/index.html )

"Rössing Uranium (Rio Tinto: 68.6 per cent)
After years of operating below capacity during a period of low uranium prices, in December 2005 approval was granted to restore annual production capacity to 8.8 million pounds per annum and extend the life of the operation to 2020. Total incremental and sustaining capital cost of the expansion was US$112 million.

In 2008, drilling programmes were completed for numerous orebodies on the lease. The current programme is focused on proving up the main pit which remains open at depth. Rössing completed construction of and started test work on a trial column assembly for a heap leach pilot plant. Rössing also completed a conceptual layout for the full scale plant on the existing tailings dam.

On behalf of the Rössing Uranium Board and shareholders, Rio Tinto acquired a 20.9 per cent interest in Extract Resources Ltd, the company which owns the Rössing South deposit. This stake is valued at NA$520 million and comprises 15.1 per cent directly and 5.8 per cent through an interest in Kalahari Minerals plc. This interest will be sold to Rössing.

Extract recently announced its maiden JORC compliant resource estimate based on the exploration results for the North Zone of Rössing South of 102 million tonnes at 460 parts per million which equates to 103 million pounds of contained metal.

Rössing will seek to negotiate a joint venture for the development of Rössing South with Extract Resources as this will provide optimal value to the shareholders of both Rössing and Extract Resources."

Kinda explains this week's share price action!

Cheers,

Mark