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Last Updated: Friday, 3 June, 2005, 07:50 GMT 08:50 UK
BHP controls Australian mine firm
WMC's Mount Keith plant
WMC controls the world's biggest uranium reserve
Mining giant BHP Billiton has won control of Australian firm WMC Resources, owner of the world's biggest uranium reserves.

A majority of WMC shareholders have backed BHP Billiton's 9.2bn Australian dollar ($7.2bn, �3.8bn) takeover bid, giving it 55.45% of the firm's shares.

BHP Billiton intervened in March after WMC's board rejected an A$8.2bn bid from Swiss rival Xstrata as too low.

WMC's Olympic Dam mine holds nearly 40% of the world's known uranium deposits.

Uranium market

We are delighted with the level of support from WMC shareholders
Chip Goodyear, BHP Billiton chief executive

BHP, which owns the world's largest copper mine in Chile, had pursued WMC in order to get a slice of the uranium market, as well as to enhance its nickel and copper production.

Remaining WMC shareholders have until 17 June to decide whether to sell their shares.

"We are delighted with the level of support from WMC shareholders and we strongly encourage remaining WMC shareholders to accept the offer before 17 June," said BHP chief executive Chip Goodyear.

BHP Billiton's shares rose 1.8% to 696 pence in early trading.



SEE ALSO:
BHP bids for Australia mine firm
08 Mar 05 |  Business
WMC says Xstrata bid is too low
04 Jan 05 |  Business


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