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Rio Tinto wins control of Hathor Exploration

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Rio Tinto (LON:RIO, ASX:RIO) has declared its C$4.70 per share bid for Canadian uranium miner Hathor Exploration a success after securing acceptances from over 70 percent of its shareholders.

The FTSE 100 mining group announced this morning that around 94.95 million Hathor shares were tendered by shareholders or already owned by Rio Tinto, representing 70.21 percent of the company.

Rio Tinto added that it has decided to extend its offer by ten days to December 12 to mop up the rest of the Hathor shares.

The C$4.70 per share offer, which values Hathor at C$654 million, trumped a rival C$4.50 per share bid from Canadian uranium major Cameco (TSE:CCO) and was unanimously recommended to shareholders by the Hathor board.

Rio Tinto’s bid represents a premium of 76 percent to Hathor’s closing price on August 25 this year, the last day of trading before Camco made its initial C$3.75 per share offer.

Back in September, Hathor said its Roughrider deposit in Saskatchewan could be one of the lowest cost uranium projects in the world with projected cash costs of C$14.44 per pound.

Shares in Rio Tinto traded at 3,308 pence this morning, down one percent from Wednesday’s close. The group currently has a market cap of £47.8 billion.

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Price: 4724.72 GBX

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