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Guantao Law Firm

18/F, TOWER B, XINSHENG PLAZA, 5 FINANCE STREET, XICHENG DISTRICT, BEIJING 100032, CHINA
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Beijing, Chengdu, Dalian, Guangzhou, Hong Kong, Jinan and 5 more

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Guantao advising Chinese SOE on £756m recommended possible offer for Kalahari Minerals plc

March 2011

Guantao is advising Peoples Republic of China ("PRC") state-owned energy group CGNPC Uranium Resources Co., Ltd ("CGNPC-URC") in its potential acquisition for the entire issued and to be issued share capital of Kalahari Minerals plc ("Kalahari").

 

Kalahari is an AIM- and NSX-listed mining company with uranium, gold, copper and other base metal interests in Namibia. CGNPC-URC is one of the major nuclear power producers in PRC with material interests in procurement and production of uranium resources and nuclear fuels.

 

Kalaharis key value driver is its 42.8% holding in Extract Resources Limited (listed on ASX, TSX and NSX). Extract is developing the Husab uranium project, strategically located within a 50km radius of several world class uranium deposits.

The Guantao team is advising CGNPC-URC on the PRC aspects of this transaction, with cooperation from UK-based Ashurst LLPs experienced corporate partners and counsels on financing aspects and UK and US law aspects. In addition, Minter Ellison is advising CGNPC-URC in respect of Australian law. The aforesaid law firms will be closely associated in process and development of this transaction.

 

Commenting on the transaction, Robert Ogilvy Watson, Ashursts Hong Kong corporate partner said:

"We are delighted to be involved in this major transaction which, if it completes, will be only the second acquisition of a UK-listed company by a Chinese state-owned enterprise ("SOE"). CGNPC is at the forefront of Chinas diversification from its reliance on fossil fuel sources towards clean energy and is part of the growing trend towards outbound investment in the energy sector."


www.guantao.com

 

 

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