Rio Tinto has completed the M&A, previously announced.
HATHOR EXPLORATION LIMITED Mining News
Hathor Exploration Limited (TSX:HAT) ("Hathor") announces that Rio Tinto has confirmed that it has succeeded in its bid to acquire Hathor and that all of the conditions of the offer, made through an indirect wholly-owned Canadian subsidiary of Rio, have been satisfied.
Canada's competition watchdog has cleared global miner Rio Tinto's C$654 million ($630 million) takeover offer for Hathor Exploration , Rio Tinto said on Wednesday.
Rio Tinto CEO Tom Albanese wouldn't say if his company would raise its bid for a Canadian uranium developer after a rival bid Tuesday.
Rio Tinto (LON:RIO ) is expanding its presence in Canada with an all-cash offer to acquire Hathor Exploration (TSE:HAT), which owns the Roughrider uranium deposit in Saskatchewan. The global mining giant announced today a $4.15 per share, all-cash bid for Hathor valued at $578 million. The bid is 11% higher than Cameco's $3.75 per share hostile bid for Hathor announced last month. It is the first bid for a Canadian company that Rio has made since acquiring Alcan in 2007. "The superior Rio Tinto offer provided fair value to Hathor shareholders over Cameco's current hostile, unsolicited takeover over," said Hathor chief executive officer Dr. Michael H. Gunning.
A strike appears imminent at Rio Tinto's Rssing Uranium Mine in the Namibian-Naukluft Park (pictured) after workers unhappy over production bonuses on Wednesday voted unanimously in favour of industrial action that could cripple operations at the mine responsible for some 5% of world production. Management said the demands were unreasonable and defeat logic. The industrial action takes place at a difficult time for the uranium industry with the spot price recently falling below $50 – levels last seen immediately after the nuclear accident at Fukushima. The sector has lost some 40% of its value since the Japan disaster and the first deal of what is expected to be widespread consolidation in the industry is already shaping up to be a classic David and Goliath fight.
Junior explorer Hathor Exploration on Tuesday said a preliminary economic assessment of its Roughrider uranium deposit showed it would potentially be one of the lowest cost uranium producers in the world at only $14.44/lb U3O8. The junior uranium company is the target of a hostile bid from world number one uranium miner Cameco and has gained about 56% since the offer and 121% since the start of the year. Hathor believes its worth more than the offer price and said it will formally respond tomorrow (September 14) and urged shareholders to sit tight.
Hathor Exploration Limited (TSX:HAT) ("Hathor" or the "Company") is pleased to announce the results of its recently held Annual General Meeting of shareholders (the "Meeting"). At the Meeting, shareholders re-elected each of James Malone, Michael Gunning, Benjamin Ainsworth, John Currie and Martin Glynn to the Company's Board of Directors.