Japan’s Itochu takes 10.3pct stake in Extract

[miningmx.com] — Extract Resources, the Australian mining company focused on developing uranium projects in Namibia, on Friday said Japan’s Itochu Corporation had agreed to acquire a 10.3% stake in its business.

Itochu, a major Japanese trading house, acquired the stake through its wholly owned Australian subsidiary, Nippon Uranium Resources.

Nippon picked up 9.2% of the Extract stake from Polo Resources, which now no longer has a shareholding in Extract.

The remaining 1.1% of the shares was bought from a related party of Polo.

Extract Resources is listed on the Australian, Toronto and Namibian stock exchanges.