Categories: Energy
Topics: General Energy

Globe says beaten-down Hathor ripe for the pickings

The Globe and Mail reports in its Thursday edition that Hathor Exploration is a top takeover candidate, according to the analysts at Canaccord Adams. The Globe's Andy Hoffman writes that Hathor Exploration controls a number of uranium properties in and around the Athabasca basin in Saskatchewan and Alberta. Canaccord's Eric Zaunscherb says French uranium giant Areva Group, Toronto's Denison Mines and Saskatoon's Cameco Corp., the world's largest producer of the metal used to make fuel for nuclear reactors, might all be interested in Hathor. One of the company's most significant discoveries is within 15 kilometres of Areva's underutilized McLean Lake mill. Denison also owns a 22.5-per-cent interest in McLean Lake. The mill is being expanded to accommodate ore from Cameco and Areva's Cigar Lake mine. However, Cigar Lake has flooded and is likely facing significant delays that will leave the mill needing another source of feed. Hathor stock climbed nine cents to close Wednesday on the Toronto Stock Exchange at $2.60. The stock has a one-year range of $4.40 to 45.5 cents. The Globe reported the "strong buy" rating on Hathor from Raymond James analyst Bart Jaworski on Sept. 5. Hathor was then trading at $4.07.