Globe and Mail reported Rio Tinto PLC (NYSE:RIO) has increased its friendly offer for Hathor Exploration Ltd. (TSX:HAT) to $4.70 per share in cash.

As quoted in the market news:

Rio, the world’s second-largest mining company, said its bid values Hathor and its assets in the uranium-rich Athabasca basin in northern Saskatchewan at $654-million, which is above the $4.50 per share offer Cameco made, valuing the company at $625-million.

Click here to read the full Globe and Mail report.