Rio Tinto Still Interested In Combination Of Rossing, Husab

Rio Tinto PLC (RIO) remains interested in a possible combination of its Rossing uranium mine in Namibia with the Husab deposit being developed by Extract Resources Ltd. (EXT.AU), although it is focused on expanding Rossing in time for an expected recovery in the market price for the mineral, the company's chief executive said Thursday.

Tom Albanese didn't comment on what the Anglo-Australian mining company plans to do with its roughly 14% stake in Extract, which is awaiting a combined takeover offer from China Guangdong Nuclear Power Corp. and China-Africa Development Fund.

Rio this month agreed to sell its 11% stake in Kalahari Minerals PLC (KAH.LN), which is the biggest shareholder in Extract with a 43% stake.

China Guangdong and its partner have secured more than 50% of Kalahari in a bid that values the London-listed company at GBP632 million (US$1 billion). That under Australian takeover rules has triggered an offer of A$8.65 a share for Extract, valuing it at A$2.2 billion (US$2.4 billion).

Extract's Husab, which is expected to become one of the world's largest uranium mines when it begins operations, is located only a few kilometers from Rio's Rossing. The two companies last year said they had discussed a possible combination of the assets.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

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