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Hi All.

 

Drag.

 

Replying to your post, I picked a few points up on what leslie made in his statement and your statement.

 

 

 

1st,

 

Leslie said that at present Husab was the third largest primary Uranium Deposit in the world but As More Discovery Work

 

Was Done, He Anticipated That It Would Continue To Climb The Rankings."" Our drilling programme continues and we

 

expect a further resource update in the second qtr of 2012.

 

 

Were encouraged by a number of the process options were looking at.

----------------------------------------------------------------------------------------------------

 

Drag, (I don`t think the t/o will be completed without taking these results into consideration, hence there is a reason

 

for holding back the release of this information.) I hope you are correct.

 

With the t/o offer by CGNPC, has to be lodged no later than the 1st of march, this could spell ( or cause ) problems for

 

shareholders, Re the release of the resource upgrade in the second Qtr, which is 1 month after the offer will be made ( The

 

offer could be made earlier) FOR EXT, so with Leslies statement.

 

This means the resource upgrade will not be released in time, for a Proper Informed Decision By Shareholders, worse still

 

if the offer is made a lot earlier.

 

I hope for all our sakes, he has just made that statement, with the intention of letting the chinese think they have this in

 

the bag, and he Leslie and the Board release the update a day or two after the offer has been made, and also knock back

 

the offer.

 

Surely if the resource upgrade is great, this would make other majors have a look, also they could release some impressive drill results from other areas & state this resource is going to grow significantly with further drilling.

 

Were encouraged by a number of the process options were looking at.

 

This could mean a number of different scenarios.

 

1/ Knock back the offer, and drill ahead for another 18 months ($55 Million in the bank)greatly increase the resource, and by

 

that time the price Uranium will be significantly higher. and by that time it will be easier to raise the funds required?

 

 

2/ CNGPC, EXT, RIO form a three way partnership, with Rio holding their existing shareholding, and processing the ore

 

for a amount agreed apon.

 

3/ Rio sell to the chinese, and Rio only process the ore.

 

4/ EXT have finalised (or are in the process) A deal with some other majors with finance , including the Japanese, with Rio

 

selling their holdings to the chinese.

 

The mind boggles with all the maybes and ifs.

 

Cheers.

 

Simmo.

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Hi Simmo,

I totally agree with you about the number of maybes and ifs (attached are some examples of possible shareholding structures). Assuming that RIO does not tender its EXT shares to the Chinese then this takeover process could extend until middle of the year as EXT management will not be rushed to recommend the first offer by the CGNPC (fingers crossed). It's worth noting that Rio Tinto and CGNP have been prohibited from discussing the potential to co-operate in the development of Husab while the offer for Kalahari has been live ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ although I'm sure some discussions have already taken place otherwise RIO would not have tendered its KAH shares to CGNPC. This will change soon but it is unlikely that these discussions will be completed quickly as there are number of thorny issues to be resolved. The most important one will be the level of contribution by each party to the development of the Husab project. I expect RIO will claim premium for their processing plant and field equipment. The dilemma that Chinese will then face is a decision whether to spend say $300M (i.e. conveyor, in-pit crusher, haul roads, prestrip etc.) in order to keep the aged Rossing plant going for the next say 10 - 12 years (with higher operating costs due to aged equipment and lower production rates) until Zone 1 is mined out or to spend say $600M (assuming 33% stake) to built totally new plant that will take ore from Zones 1 ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ 5 + Middle Dome etc.. This is exactly the same problem that EXT could not come into agreement with RIO over the last 2 years. Recent statements made by RIO indicate that their preferred option is a JV deal between Rossing and Extract shareholders. However, if Chinese remain unconvinced on this option then RIO will need to launch a counterbid in order to gain majority shareholding in Extract. Whilst negotiations between Chinese and RIO are ongoing, one would expect EXT to try their hardest to look for alternative investors. The following is a quote from latest EXT newsletter:

 

"We have received a strong level of interest in Husab from potential strategic investors. Discussions are continuing and include a range of possible investment structures (note that this statement was highlighted by EXT). The nature and level of interest received has confirmed Husab's status as a world-class and highly strategic asset."

 

I certainly would not dismiss a rival bid from another party (other then Rio) at this stage. In actual fact having Chinese as a major shareholder could make Extract even more attractive takeover proposition due to Extract having already secured long term major off-take customers (significant savings on marketing costs) and well funded mine development partners. What I find particularly interesting is that EXT continues to expand its Namibian team. Their latest important addition is Berti Roesener ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ chief geologist who moved from Areva's Trekkopje mine. I'm also somewhat intrigued by the following statement made by Reuters in their article published earlier today:

 

"French utility EDF and nuclear reactor maker Areva said they had agreed a long-term natural uranium supply deal covering more than 20,000 tons between 2014 and 2030.

 

The deal between the two state-owned companies extends the supply contract from Areva's existing mines and opens up the possibility of EDF part-funding the development of a new mining project in exchange for a share of its future production"

 

Please note that this article specifically says the new project and not an existing one such as Trekkopje. It is also worth noting that both Areva and EDF have extremely good relationship and signed numerous deals with CGNPC in recent years. Hence I would not be surprised if these two agreed on JV to develop the biggest uranium deposit in the world.

 

As LE has stated, "It is not over until the fat lady sings"

 

Cheers,

 

Drag

Examples_of_possible_EXT_shareholding_structures1.doc

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Poland Gears Up to Build First Nuclear Power Plant

By John Daly | Thu, 09 February 2012 22:47 | 0 Among the few "gifts" not forced upon Poland during its more than four decades as a Soviet satellite state was a nuclear power plant (NPP).

 

But now, given the European Union and NATO stateÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s surging energy needs, Poland is about to construct its first NPP.

 

Why the retrograde step?

 

Simple ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ burgeoning energy needs.

 

Poland currently depends on coal to supply 94 percent of its energy needs but authorities in Warsaw want to diversify the countryÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s energy matrix with nuclear, liquefied natural gas (LNG) and shale gas projects to align its economy with the European Union's climate goals.

 

Poland currently has a generating capacity of more than 27 gigawatts, but two-thirds of this capacity is in the form of antiquated coal-fired electrical generating plants built decades ago by the nationÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Communist authorities. Energy analysts observe that the nation must substitute 15 gigawatts of its Communist-era facilities, currently generating nearly half of the countryÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s current electrical output, with modern plants as well as build about 15 gigawatts of new capacity within the next two decades to keep pace with steadily rising demand.

 

According to state- owned Polska Grupa Energetyczna SA (Polish Energy Group, or PGE) power company, PolandÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s largest power producing company, PolandÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s first NPP, due to come online by 2020, is set to be located near the Baltic. According to PGE chief Tomasz Zadroga, three potential sites near the coast at Zarnowiec, Choczewo and Gaski, were picked from around a hundred proposed locations, with final choice due to be announced in about two years, when the winner of the bidding race to build the plant will also be unveiled. In discussing PGEÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s decision to situate the proposed NPP near the coast Zadroga observed that the region has both a ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“deficit of installed capacity and favorable cooling conditionsÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ because using sea water to cool reactors is cheaper than lake water.

 

PGE, in charge of the countryÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s atomic energy program, is planning to solicit tenders for constructing the 300 megawatt NPP before the end of 2012, which, along with a second proposed NPP, will cost an estimated $29.4 billion. PGE Nuclear Energy spokesman Marta Lau said, "Work on announcing a tender procedure for choosing a supplier is underway. The precise date of its announcement will be made public as soon as is possible."

 

PGE nuclear unit deputy head Jacek Cichosz told reporters, "The final decision on the site will be taken in 2013" and retiring PGE Chief Executive Tomasz Zadroga added that PGE wanted to retain a minimum 50-percent stake in the NPP.

 

Three international consortiums, eager for any business in the wake of the 11 March 2011 nuclear debacle at Tokyo electric Power co.ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s (TEPCO) six-reactor Daichi Fukushima power station, have already expressed an interest in the project. The contenders include French companies Electricite de France S.A. (Electricity of France, or EDF), the second largest French utility company and Areva, the U.S.-Japanese Westinghouse Electric Company LLC concern and the U.S.-Japanese GE Hitachi Nuclear Energy Americas firm.

 

But the tender process has hit some snags, not the least of which is that PGE is not only undergoing many management personnel changes but awaiting a new president as well and the subsequent development of a new comprehensive company strategy. Analysts are speculating as to what impact a new management board of the group and its subsidiary will have in making final decisions about the NPP. Zadroga held the post of president at three different companies: PGE as well as its subsidiaries PGE Nuclear Energy and PGE EJ1, the latter responsible for the construction of PGEÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s first NPP.

 

Areva Poland director Adam Rozwadowski was philosophical, commenting, "We understand the reasons why delays are occurring. In our opinion they could be related to personnel changes in many positions at PGE. Of course we would prefer for the announcement to come sooner; we are waiting."

 

But a NPP is not the last of environmental bon-bons that PGE has in store for Polish energy consumers, as on 27 January the company signed letters of intent with state-owned oil and natural gas company Polskie Gornictwo Naftowe i Gazownictwo (Polish Petroleum and Gas Mining, or PGNiG), one of the largest companies in Poland, Tauron Polska Energia S.A. (Tauron Polish Energy) energy holding company and KGHM Polska Miedz (KGHM Kombinat Gorniczo-Hutniczy Miedzi), one of the worldÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s largest copper and silver mining companies, to explore for shale natural gas using the controversial hydraulic fracturing (fracking) process.

 

Nuclear power or fracking?

 

Polish energy consumers will be spoiled for environmentally-friendly energy options.

 

On the good side ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ there has never been a tsunami in the Baltic.

 

Yet.

 

By. John C.K. Daly of Oilprice.com

 

 

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The deal between the two state-owned companies extends the supply contract from Areva's existing mines and opens up the possibility of EDF part-funding the development of a new mining project in exchange for a share of its future production"

 

Please note that this article specifically says the new project and not an existing one such as Trekkopje. It is also worth noting that

--------------------------------------------------------------------------------------------------------------------------------

 

could this be MEY's lease that joins Areva's trekkopje, to the north west of EXT ?

 

within trucking and or conv belt distance, which would reduce the costs of processing way down

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Areva Seeks to Develop Atmea Reactor With CGNPC, EDF

By Tara Patel - Feb 11, 2012

 

 

http://www.bloomberg.com/news/2012-02-10/a...f-correct-.html

Areva SA wants a 1,000-megawatt nuclear reactor it agreed to develop with Electricite de France SA and China Guangdong Nuclear Power Group Co. to be based on the Franco-Japanese Atmea model.

 

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“This is what weÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢re hoping for,ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ Claude Jaouen, senior vice-president for reactors and services at Areva, told reporters on a conference call today. ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“It would be a shame to have two 1,000-megawatt reactors on the market.ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ

 

Areva is bidding to sell the Atmea, developed withMitsubishi Heavy Industries Ltd. (7011), to Jordan, competing with RussiaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s ZAO Atomstroyexport and CanadaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s SNC-Lavalin International Inc. for a $4.5 billion contract. Getting China to adopt the model would help future sales, Jaouen said.

 

GDF Suez SA, operator of seven nuclear reactors in Belgium, has said it wants to develop an Atmea in the Rhone River Valley in France. The model, which has never been built, would widen the range of French reactors that includes the EPR, a 1,650-megawatt generator EDF is developing at Flamanville in Normandy.

 

EDF, EuropeÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s biggest power generator, operates 58 reactors in France.

 

 

 

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Namibia Pursues Nuclear Energy Dreams With France's Areva

By John Daly | Sat, 11 February 2012 19:57

 

http://oilprice.com/Latest-Energy-News/Wor...nces-Areva.html

 

 

Namibia, the fourth biggest uranium producer in the world, first floated the idea of acquiring a nuclear power plant of its own four years ago. Rio Tinto and Australian miner Paladin Energy currently produce NamibiaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s uranium.

 

French state-owned Areva's Trekkopje project in 2010 received its Export Processing Zone (EPZ) license for a period of five years after Areva reportedly agreed to develop a feasibility study on generating nuclear power in Namibia. Namibia's nuclear ambitions purportedly enjoy the full support of President Hifikepunye Pohamba.

 

Areva Resources Namibia country manager Hilifa Mbako said only of Areva's direct involvement in the government's nuclear energy plans that there was an ongoing "bilateral government dialogue" between France and Namibia and that Areva would "gladly" help if the nuclear possibility "comes about."

 

Namibia's nuclear plans have resurfaced following reports in the Namibian press charging Namibian Trade and Industry Minister Hage Geingob of facilitating the process to secure an EPZ license for Trekkopje, which he strongly denies, telling The Namibian that he was only part of a "collective and elaborative decision-making process" which also involved the Ministries of Finance and Mines and Energy in granting EPZ status to ArevaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Trekkopje project, remarking, "Whilst I am not at liberty to disclose some discussions held at different levels, because of the confidential nature of those discussions, it suffices to say that all necessary consultation with the relevant parties was done, resulting in Areva being granted EPZ status for a period of five years to carry out certain studies, of which I am not at liberty to disclose at this juncture."

 

If it goes forward, the Trekkopje project represents the culmination of ArevaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s more than five yearsÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢ efforts in the African country, which have been beset by problems, including cost overruns. In 2007, following Areva's controversial $2.5 billion purchase of Canadian uranium miner UraMin, Areva said it expected UraMin's deposits in South Africa, Namibia and the Central African Republic to produce around 7,000 tons annually from 2012. In late 2011 French Industry Minister Eric Besson said that UraMin was "bought at a very high (cost) level."

 

But NamibiaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s nuclear efforts have also attracted the attention of the global non-proliferation community. The White House Global Threat Reduction Initiative (GTRI) is keeping a close eye on events in Namibia, concerned that Namibian uranium might fall into the wrong hands. In February 2010 the GTRI requested that Rio Tinto Rossing Uranium increase its security measures following the arrest in September 2009 of three suspects, one a Namibian Defense Force (NDF) member, for possessing and allegedly wanting to deal in nearly 816 lbs of uranium oxide. The GTRI, which operates under the U.S. Department of EnergyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s National Nuclear Security Administration (NNSA), subsequently visited NamibiaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s mining facilities, concerned because the government of Iran owns 15 percent of Rossing Uranium.

 

Namibian Prime Minister Nahas Angula subsequently said that NamibiaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s position on uranium supply is guided by international agreements, which it has to honor and is not shaped by calls from individual nations, remarking, ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Unless an international agreement, such as with the United Nations Security Council, calls for countries not to supply to Iran, the Namibian Government treats Iran as any other country.ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ Rio Tinto Rossing Uranium added that it did not supply Iran with uranium, nor would it do so if approached by Iran, with Rio Tinto Rossing Uranium Manager for External Affairs Jerome Mutumba noting, ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“The government of Iran became a shareholder at the time when the mine started in the early 1970s, (but) RossingÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s shareholders do not have any product take-off rights.ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ

 

Adding to the political sensitivity of the issue, Namibian sources familiar with the topic, speaking on condition of anonymity, told The Namibian that former Areva boss Anne Lauvergeon in 2009 approached then Mines and Energy Minister Erkki Nghimtina about EPZ status for Trekkopje, to which Nghimtina apparently agreed after getting the topic greenlighted by Pohamba.

 

Anne Lauvergeon was CEO of Areva from 2001 until her dismissal in June 2011 and while there acquired the nickname ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Atomic Anne.ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ On 8 February Lauvergeon asked a French court to appoint an expert to examine the circumstances under which Areva purchased UraMin, as Areva has withheld her $2 million severance bonus.

 

Will NamibiaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s cozy arrangements with Areva be collateral damage in the lawsuit?

 

 

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good morning boys and girls

 

what reason or any idea and or suggestions why ext are not/have not released the mountain of driiling results as there must be numbers of holes drilled and recorded by now

 

and at a time when the company is under t/o threat, myself I would be doing everything possible publicly to increase the share price

 

but sadly nothing comes from head office, nothing !

 

????

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Frustrating indeed Ryan, however, with two weeks to go before the deadline for official offer documentation, I am more curious about why we've not heard anything from management on this score. It could be that the oft-touted attempts at 'finding' better value for SH may be the main reason for the silence. Strangely, I would have thought that in such circumstances, EXT shareholders would by now have been inundated with said documentation. I'm not entirely up with the sequence, but I would imagine that by law a bidders statement should by now be with the EXT board and immediately thereafter, with management recommendation, be released to the market.

 

One might reasonably draw a number of conclusions here:

 

However. As far as this whole affair is concerned, taking out KAH was always going to be the easy part for the Chinese. EXT, being the ultimate prize was always going to require much more delicacy on the part of all the players, as the vested interests/commitment to Epangelo/percentage control issues, which are all directly related to our share price are thrashed out.

 

RIO is now in a position to (carefully) ensure it has leverage in the final outcome. I suspect that EXT are not talking to anyone else but RIO right now. Opinions please.

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