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Rio Tinto buys remaining shares of junior miner

Published by Steve Coleman on January 11, 2012

Junior mining company Hathor Exploration Ltd. has struck pay dirt with Rio Tinto.

The multi-national announced Jan. 11 that it has acquired the remaining 5.87 per cent of outstanding Hathor shares through an indirect wholly-owned subsidiary to meet acquisition requirements under the Canada Business Corporations Act.

Rio Tinto now owns all 7,944,151 Hathor common shares and 100 per cent of the company. Because Rio Tinto owns the last of the shares, it's expected Hathor will be de-listed from the Toronto Stock Exchange on Jan. 12.

Hathor made its name working the eastern corridor of the Athabasca Basin, home of all of Canada's uranium mines and equal to 23 per cent of world production. Hathor was the only junior exploration company to hit a major find in the 40 years companies have been mining the area for uranium.

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