Bannerman Receives Takeover Offer From Sichuan Hanlong

Uranium developer Bannerman Resources Ltd. (BMN.AU) has received a A$383 million takeover offer from privately owned Chinese company Sichuan Hanlong Group, Bannerman said Monday.

Bannerman, which has two development projects in Namibia's uranium belt, close to Rio Tinto PLC (RIO)'s Rossing mine--the world's third-biggest uranium mine by production--said it has rejected a request for a three-month exclusivity period from Hanlong.

Hanlong's offer for 100% of Bannerman, priced at 61.2 cents per share, was highly conditional and timed to take advantage of a weak share price for the miner in the wake of the Fukushima Daiichi nuclear accident. Bannerman has a current market value of A$90.3 million.

Bannerman has previously said it is seeking joint venture partners to assist the development of its 80%-owned Etango project, its principal resource.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com

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