Australia-based uranium mine development company Bannerman Resources (Bannerman) has announced that Hanlong Mining Investment Inc., an Australian subsidiary of Sichuan Province-based Chinese company Hanlong Group, has made it an offer worth A$144 million ($153.2 million) for the purchase of all shares in the company.
Once agreement is reached, Hanlong Mining is to complete payment before September 30 this year. This acquisition will first need the approval of Bannerman's board of directors and shareholders and also of the relevant regulatory authorities.
Bannerman has stated that its Etango project in Namibia is one of the largest undeveloped uranium mine projects in the world.