UEC completes acquisition of Rio Tinto uranium assets
NYSE American-listed Uranium Energy has completed the acquisition of Rio Tinto's Wyoming assets, comprising the Sweetwater plant and a portfolio of uranium mining properties with about 175-million pounds of historic resources.
UEC paid $175.4-million in cash for the assets, which president and CEO Amir Adnani describes as a “rare opportunity”.
“These assets will significantly enhance and accelerate UEC's production capabilities in Wyoming's Great Divide Basin,” he commented.
The Sweetwater plant, a 3 000-t/d processing mill with a licensed capacity of 4.1-million pounds a year of uranium oxide, can also be adapted to recover uranium from loaded resins produced by in-situ-recovery (ISR) operations, offering UEC the flexibility to support both ISR and conventional mining. With the addition of the Sweetwater plant, UEC has the largest licensed production capacity in the US.
“The recent investments in nuclear power by Big Tech companies, including Microsoft, Amazon, Google and Meta, demonstrates unprecedented interest from several of the world's largest and most sophisticated companies in expanding America's nuclear energy baseload capacity. These companies fully realise nuclear power is a key source of highly reliable, clean and safe energy to power the increased energy demands required by AI computing. As the largest US-based uranium company, UEC will play a critical role in supplying the fuel required for today and the future – a point further underscored by Russia's recently announced uranium export restrictions,” said Adnani.
UEC’s next steps for the acquired asset portfolio include completing a Securities and Exchanges Commission regulation S-K 1300 technical resource summary report to upgrade and confirm historic estimates, building out a dedicated team to focus on advancing the Sweetwater hub-and-spoke production platform, and refurbishing parts of the Sweetwater plant and completing equipment modifications for ISR processing.
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