Khan Resources Admits CNNC Decision

In the recent development around resource “war” on Mongolia’s uranium district, Canadian Khan Resources, which holds interests in main uranium properties in the eastern part of the country, announced on May 21 that CNNC Overseas Uranium Holding has failed to obtain an approval for its offer to acquire all of the common shares of Khan at C$0.96 in cash per share.

China’s National Energy Administration did not approve the transaction offer, no reason of which was given in the notice, Khan stated.

Mongolian Government last year invalidated main licenses of Khan Resources over several violations of licensing affairs under Nuclear Energy Law. Earlier Mongolian government and its nuclear arm, Nuclear Energy Agency, notified CNNC and related Chinese government bodies not to accept transaction bids as the licenses has been annulled.

Mongolia may develop its uranium resources with Russia as it agreed to Russian government and its state-owned corporations to establish a joint venture, and, in return, to built small and medium size nuclear power plants on the territory of Mongolia.

source: The UB post


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