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Extract Resources Ltd. (EXT.AU) said Thursday the company may receive a takeover offer from a consortium comprising a miner and a customer at some point in time, but wouldn't be more specific.

Extract also said it will consider an equity raising to fund the development of its Rossing South uranium project in Namibia as a stand-alone venture or, as an alternative, may consider forming a joint venture with the massive Rossing uranium mine six kilometers to the north.

Perth-based Extract's shares have soared since December, as Rio Tinto Ltd. (RTP) built a 15.6% stake, and rival investors began to campaign for a greater say in the future of Rossing South, considered to be one of the world's most promising uranium deposits.

U.K.-based Kalahari Minerals has 40% of Extract and London-based mining entrepreneur Stephen Dattels has 10.2% through Polo Resources.

Extract's investor relations manager, Richard Henning, said Polo has indicated it bought into Extract because it saw an opportunity to create some competitive tension between Rio and "another party".

Henning said Extract doesn't know the identity of the other party.

"The one thing we do know is that Rio are miners and a number of the other companies that are showing interest in us are not miners," he told an investor briefing.

"I think at some point we're going to attract the interest of a consortium between two companies; one which will be a miner, one which will be the end user...And then our shareholders will be given a choice - do you want to accept that sort of a bid or do you want the company to keep doing what it's focused on."

Henning estimated a stand-alone uranium project at Rossing South capable of producing 15 million pounds of uranium oxide a year would cost about US$600 million to construct.

He said Extract's stake holders haven't yet decided how they might source that capital but noted that Extract's impressive share price performance has given it more funding flexibility.

The operational Rossing mine to the north of Rossing South is jointly owned by Rio and the Namibian government, and produced 8% of the world's uranium oxide in 2008.

Extract has hired Rothschild Australia to conduct a strategic review of its business and Henning said it's considering the merits of a joint venture with the Rossing mine.

"We're looking at the opportunity of working with them...they'd need to enhance the plant significantly," Henning said.

"But our focus is very much on a stand-alone processing plant."

Rio Tinto said in a report released on the Rossing mine's website last month that "Rossing will work with Rio Tinto and Extract Resources to determine the benefits that might arise from a joint venture for development of Rossing South."

Extract has already proven a resource of 145 million tons of uranium oxide at Zone One of Rossing South and expects to release the maiden resource assessment for Zone Two and a study either next week, or the week after, Henning said.

The company is targeting a resource of 100 million tons at Zone Two and is also exploring the possibility of establishing a third mining zone, he said.

Henning said Extract expects to appoint a new chief executive within the next few months after former CEO Peter McIntyre last month announced he will resign next month.

AIM-listed Kalahari tried to buy Extract outright last year, but its shareholders became concerned when Rio built stakes in Extract and Kalahari.

Kalahari ousted Extract's former Chairman Bob Buchan in February by calling a special shareholder meeting and it had called a similar meeting to consider McIntyre's position before he resigned.

-By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957; ross.kelly@dowjones.com

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