ARMZ takes hold of Uranium One

World Nuclear News reports AtomRedMetzoloto and Uranium One have signed an agreement that will move Uranium One into the top five global uranium producers.

ARMZ will contribute to the deal its interests in two Kazakh in-situ leach uranium mines – its holdings of 50% in the Akbastau mine and 49.7% in the Zarechnoye uranium mine – plus $610 million in cash. In return, the mining division of Russia’s Rosatom state nuclear corporation will receive 356 million common shares in Uranium One, which along with ARMZ’s existing 23.1% holding will give it an interest of at least 51% in the company.

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