Multinational mining group Rio Tinto has acquired 100% of the shares in junior uranium company Hathor Resources. The acquisition will add shares in a further Canadian uranium projects to Rio Tinto’s portfolio, including the Roughrider deposit with an estimated resource of 57 Mlb U3O8 (May 2011).
The takeover marks the end to a bidding battle for Hathor, which is focused on uranium exploration in Canada’s Athabasca Basin. Cameco made the first move for Hathor in August 2011 with a C$3.75-a-share bid. Rio counted in October with an offer of $4.15 per share; so Cameco upped its offer to $4.50. Rio Tinto
On 7 January, Rio Tinto announced that it had acquired over 93.7% of Hathor Resources (119,456,310 shares) and that it intended to acquire the remainder by a compulsory acquisition under the Canada Business Corporations Act.
This acquisition was completed on 12, January, Rio Tinto announced.
On 12 January, Rio Tinto announced that it had acquired the
Rio Tinto said that the shares should be delisted from the Toronto Stock Exchange at the close of business on 12 January.
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