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Russia's ARMZ wants two-thirds of Canadian rival: reports

by Staff Writers
Moscow (AFP) Nov 30, 2009
Russian state-owned mining firm ARMZ Uranium Holding Company wants to acquire at least two-thirds of Canadian rival Khan Resources Incorporated, Russian news agencies reported on Monday.

"Two-thirds of shares would suit us," ARMZ director general Vadim Jivov was quoted as saying by Ria Novosti on Monday, adding that his company would not buy at "just any price."

Khan Resources had announced on Friday that it was the target of a hostile takeover bid from ARMZ at 65 Canadian cents per share. ARMZ is a subsidiary of Rosatom, Russia's nuclear energy corporation.

"After the announcement of our intention to buy the shares, we have the right to receive the list of all of the company's shareholders and communicate to each one of them," Jivov said. "We intend to do this soon."

Khan Resources owns 58 percent of the exploitation license for a uranium mine in Dornod, Mongolia. ARMZ owns 21 percent of the license while Mongolia has the remaining 21 percent.

But Mongolia and Russia signed an agreement in August to jointly exploit the Dornod uranium deposit and create a joint company with equal stakes by the end of the year.

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