Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Banner Left
Banner Right

Shareholders fight for seats on Extract

Shareholders fight for seats on Extract

SWAKOPMUND – The battle for control of Rössing South, which is considered to be one of Namibia’s biggest uranium deposits to date, is heating up as shareholders fight for board seats.

According to international mining website Mineweb.com, Polo Resources, which has a 9,1 per cent share in uranium explorer Extract Resources, has requested an extraordinary general meeting (EGM) to put its nominee Stephen Dattels on the Extract Board.Following this move by Polo Resources, Kalahari Minerals, which owns 39,6 per cent of Extract, has confirmed it is seeking the removal of Extract’s Managing Director (MD) Peter McIntyre from the board to replace him on the board with its own chairman, Mark Hohnen.’This all represents a major jockeying for position ahead of any decision to go ahead with a mine on the hugely promising Rössing South uranium deposit – the most advanced of Extract’s slew of highly prospective uranium properties in Namibia,’ says Mineweb.In a statement issued on its website on Wednesday, Kalahari confirmed it has sent a notice of request to Extract regarding the change in its board composition.According to Kalahari, this move has been taken partly as a result of the breakdown of an initiative agreed on May 18 between Extract and Kalahari, whereby Extract would move its executive and administrative base to Namibia in order to continue the development of its world-class uranium assets. Kalahari claims that part of this agreement states that Peter McIntyre had agreed to step down to make way for a new Chief Executive Officer (CEO), who would be based in Namibia.’The Board of Kalahari believes that Extract is at a key stage in its development, whereby it is imperative that its executive team be based in the country,’ the statement read. ‘The Board believes that a relocation was necessary in order to fully realise the potential of Extract’s exceptional uranium assets and as a result, approached the Board of Directors of Extract to implement such an initiative,’ the statement continued. Kalahari chairman Mark Hohnen said in the statement that ‘our intention is to ensure that the value of Extract’s world-class assets, particularly the Rössing South discovery, are maximised.’’We see that the relocation of Extract and its management to Namibia is imperative at this stage of its development, and something that we believe was agreed between all parties as being beneficial. We are, therefore, naturally disappointed with the current situation, and have been forced to issue a requisition in an attempt to ensure that these initiatives are implemented,’ he added.According to Mineweb.com, Rio Tinto, which owns a 15,3 per cent share in Extract and is also a major shareholder of Kalahari, also requested to have a representative on the Board of Directors of Extract. -Nampa

Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!

Latest News