It is reported that China Guangdong Nuclear Power Holding Corporation made a 756 million pounds or USD 1.23 billion bid for Kalahari Minerals Plc.

The move is aimed at finding a new source of uranium.

CGNPC currently operates the Daya Bay Nuclear Power Station, LingAo NPS Phase 1 and LingAo NPS Phase 2 Number 1 generation units with a total of five million kilowatts of nuclear power.

CGNPC had total assets of CNY 202.5 billion and net assets of CNY 62.7 billion as of end January 2011.

The major asset of the target firm is a 36.2% stake in Extract Resources Limited a company which has a uranium exploration license in Namibia.

(Sourced from 163.com)