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Competition Bureau clears friendly deal between Hathor and Rio Tinto

By The Canadian Press  | November 22, 2011
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The corporate logo of Hathor Exploration Ltd. is shown. THE CANADIAN PRESS/HO
The corporate logo of Hathor Exploration Ltd. is shown. THE CANADIAN PRESS/HO

VANCOUVER - The Competition Bureau has given the nod to global miner Rio Tinto's $654-million friendly deal to take over junior uranium developer Hathor Exploration Ltd., the companies said Tuesday.

Both firms said they have received a "no action letter" from the federal watchdog, which means their deal complies with Canadian competition laws.

Rio Tinto's (NYSE:RIO) $4.70-per-share offer expires on Nov. 30.

Saskatoon uranium giant Cameco Corp. (TSX:CCO) is also trying to take over Hathor and gain control of its big Roughrider deposit in northern Saskatchewan.

Hathor has rebuffed Cameco's most recent $625-million, or $4.50-per-share, offer, which expires a day before Rio Tinto's does.

Cameco has said developing Roughrider would be too expensive for other companies because they don't have the processing capacity and other infrastructure it already has in place in northern Saskatchewan.

Rio Tinto has extensive uranium mining experience elsewhere in the world.

In Canada, Rio owns the former Alcan, one of the world's biggest aluminum producers and controls Iron Ore Co. of Canada, this country's biggest iron miner. It also controls the Diavik diamond project in the Northwest Territories and other businesses in Canada, including a partnership to explore for potash deposits in Saskatchewan.

Cameco is one of the world's largest uranium producers. It has mines, mills and conversion plants in Canada, the United States and abroad and produces fuel that runs nuclear power plants around the world.

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