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Interfax.com  |  Interfax news  |  ARMZ to close deal to consolidate 100% of Uranium...


News headlines


September 26, 2013 12:14

ARMZ to close deal to consolidate 100% of Uranium One Oct 18

MOSCOW. Sept 26 (Interfax) - Atomredmetzoloto (ARMZ), the Russian uranium mining holding, will close a deal to consolidate 100% of the shares in Canada's Uranium One on October 18.

Uranium One said in a statement that it had obtained all the necessary regulatory approvals to close the deal.

The deal was previously expected to close at the end of the second quarter, but Uranium One said in June that it expected it to close in the third quarter.

ARMZ currently owns 51.4% of Uranium One. Under the terms of an agreement signed in January 2013, ARMZ will acquire all common shares in Uranium One not currently owned by the company and its affiliates at a price of CAD2.86 per share. ARMZ will spend a total of about CAD1.3 billion ($1.32 billion) on the deal.

Uranium One will de-list from the Toronto and Johannesburg stock exchanges following closure.

In addition, all corporate procedures to create Uranium One Holding B.V. should be wrapped up by the autumn of 2014.

Rosatom, the state nuclear corporation which controls ARMZ, said at the end of May that foreign uranium projects controlled by Uranium One would be unbundled from ARMZ. Uranium One's assets will be transferred from ARMZ to the Netherlands-based Effective Energy N.V., which will be renamed Uranium One Holding. This holding company will be controlled by Atomenergoprom, which manages Rosatom's civilian assets.

Uranium One Holding will also get 100% control of Mantra Resources, which is developing the Mkuju River uranium deposit in Tanzania. Uranium One acquired 14% of Mantra from ARMZ in March 2012 and has an option to buy out the remainder until June 2013.

ARMZ will also expand the scope of its operations in Russia beyond uranium mining to also develop gold, zinc and lead deposits.

In Kazakhstan, Uranium One owns 70% of the Betpak Dala joint venture, which owns the Akdala Mine and the South Inkai Mine; 50% of the Karatau joint venture, 30% of the Kyzylkum joint venture (Kharasan project), 50% of the Akbastau joint venture and 49.67% of the Zarechnoye joint venture, which owns the Zarechnoye Mine and the South Zarechnoye Project. In the United States, the company owns 100% of the Willow Creek Project, and has a number of development projects in Wyoming. In Australia, Uranium One owns 51% of the Honeymoon Uranium Project. It is also the operator of Mantra Resources' Mkuju River project in Tanzania.

In Russia, ARMZ controls Priargun Mining and Chemicals Association, which produced about 63% of Russia's uranium in 2011; CJSC Dalur and OJSC Khiagda, where mining is done by drillhole in situ leaching. ARMZ is also developing deposits in the Southern zone of the Elkon uranium district in Yakutia, which calls for the construction of the Elkon mining and metallurgical complex and a number of other projects.

In November 2012, ARMZ bought 99.5% of First Ore Mining Company for $30 million. This company holds the rights to the Pavlovskoye lead and zinc field on Novaya Zemlya, one of the world's five largest.

Pr of

(Our editorial staff can be reached at eng.editors@interfax.ru)

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March 06, 2015
 
23:45
Kyiv court declares ex-Ukrainian Security Service chief, deputy wanted; places head of Kyiv dept under house arrest (Part 2)
 
23:40
Ukraine military casualties in Donbas since Apr 2014: 1,514 killed, 6,226 wounded - envoy to UN (Part 2)
 
23:29
Donbas militia see concentration of Ukrainian troops near Mariupol as preparation for war (Part 2)
 
23:24
Normandy Quartet believes OSCE should know where heavy arms in eastern Ukraine - Russian diplomat (Part 2)
 
23:17
Amid positive changes in Donbas, Moscow alarmed by Kyiv saber-rattling - Russian UN envoy (Part 2)
 
23:09
Despite politicized criticism, Russia to keep sending aid to Donbas - envoy to UN (Part 2)
 
23:06
 
23:01
No date for new meeting between Normandy Quartet diplomats set yet - Russian deputy foreign minister (Part 2)
 
22:58
Lavrov, Steinmeier see progress in ceasefire observance, arms withdrawal in Donbas - Russian Foreign Ministry (Part 2)
 
22:57
Lavrov, Steinmeier propose increasing number of OSCE monitors in Ukraine to 1,000 (Part 2)
 
22:36
Ukrainian Defense Ministry reports naval exercises in Black Sea
 
21:59
Donetsk People's Republic accuses Ukraine of 15 breaches of ceasefire over 24 hrs
 
21:58
Self-proclaimed Donetsk republic calls on Ukrainian Rada to cooperate on constitutional amendments (Part 2)
 
21:41
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