Extract Resources Ltd has entered a trading halt pending the announcement of a possible cash offer for Kalihari Minerals Plc, which owns 42.76 per cent of Extract.
Extract said China's CGNPC Uranium Resources Ltd had made the recommended cash offer for Kalihari.
A company statement said the company will halt trading until Wednesday, May 4 or until the announcement is released to the market.
Extract had earlier said it was confident that the Namibian government's proposed policy changes on strategic minerals will not affect its Husab uranium project license.
The Namibian government is expected to hold a news conference this week to clarify plans to assign almost all mining and exploration rights to a state-owned company.
Extract is looking to develop the Husab project, just south of the Rossing mine run by Rio Tinto Ltd, which also owns 14 per cent of Extract.
EXT Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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