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Guangdong Nuclear gets approval to buy Oz uranium miner

By Wan Zhihong (China Daily)
Updated: 2009-10-29 08:19

Australia has approved China Guangdong Nuclear Power Holding Corp's (CGNPC) 70-percent stake purchase of uranium explorer Energy Metals Ltd, following last Friday's conditional approval of Yanzhou Coal Mining Co's takeover of Felix Resources Ltd.

CGNPC subsidiary China Uranium Development Co's A$83.6-million ($76 million) offer for Energy Metals Ltd has received notification from the Australian Foreign Investment Review Board, the Australian company said in a statement yesterday.

The offer remains conditional on Chinese regulatory approval, with the remaining stipulation being 50.1 percent acceptance by Energy Metals shareholders, said the statement.

On Oct 23, Australia gave the green light for Yanzhou Coal Mining Co's A$3.5-billion ($3.2 billion) takeover of Felix Resources Ltd. It is also so far the largest acquisition by any Chinese company in Australia.

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Analysts said that with the rapid development of China's nuclear sector, the country needs more overseas uranium resources to power its nuclear power plants.

According to the National Energy Administration, China has approved nuclear power plants with total capacity of 25.4 gW this year, with further capacity of 13.35 gW under construction. China now has 11 nuclear power units under operation, with a total capacity of around 10 gW. The government plans to increase nuclear capacity to around 70 gW by 2020.

With large reserves in uranium mining resources, Australia is an ideal place for domestic nuclear power companies to invest, said analysts.

"It is certain that the two countries' cooperation in energy will see more progress, as both countries are large energy producers and consumers," said Xia Yishan, an expert at the China Institute of International Studies.

Some high-profile transactions in Australia made by domestic companies failed because they were not flexible and failed to complete the transaction on time, said Mike Elliott, global mining & metals sector leader of Ernst & Young.

"Chinese companies are in a strong position to secure mining and metals investments around the world, but face strong competition from rising equity markets, dedicated resource funds, sovereign wealth funds and from investors in India and Japan," said Elliott.