Rio Tinto Limited (ASX:RIO) is still in the lead with its C$578 million offer for Hathor Exploration, despite Canada’s largest uranium miner Cameco Corp stepping up to the plate by extending its C$520 million offer to November 14.
Hathor shares have risen 70 per cent since Cameco first made its offer, but its board has already offered its backing to Rio’s offer.
Both bidders are eyeing off Hathor’s exploration-stage Roughrider project in the Athabasca region of Western Canada, which shows significant uranium mining potential.
Rio Tinto Limited (ASX:RIO) reported a net profit of $7.5 billion for the first six months of the 2011 calendar year.
