Kalahari Minerals, the London listed uranium miner, is likely to be swallowed up by China Guangdong Nuclear Power reports the FT.

An original offer was made for Kalahari back in March at 290p per share, just before the Fukushima nuclear disaster. The Chinese reduced that offer to 243.55p per share in October.

What CGNP is after is the Australian company Extract Resources, in which Kalahari owns a 43% stake. Extract owns one of the biggest uranium deposits in the world in Namibia. For China, with dozens of nuclear power stations on the drawing board, the chance to control uranium resources is highly prized.

As yet the reduced offer has not been agreed, but in the absence of any competition the FT believes Kalahari is likely to take the money and run.

Kalahari shares are currently trading at 241.75p, less than 2p below the offer price.

BS

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