sxr Uranium One agreed on Monday to pay $90 million (R643 million) for a mill and exploration concession in Utah to take advantage of rising prices for the metal.
Uranium One said it would buy the Shootaring Canyon assets from US Energy in shares, cash and royalties. The company said it had bid $110 million for Rio Tinto Group's Sweetwater Uranium Mill and Green Mountain deposit in Wyoming.
"The Sweetwater Mill and the Shootaring Canyon Mill are two of the only four conventional uranium mills in existence in the entire US," chief executive Neal Froneman told the Toronto Stock Exchange yesterday.
Froneman wants to gain a foothold in the US, which accounts for more than a quarter of world uranium demand. - Bloomberg