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Uranium Energy trades up after announcing $175 million purchase of Rio Tinto's uranium assets

Kitco Media
By Michael McCrae
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Uranium Energy trades up after announcing $175 million purchase of Rio Tinto's uranium assets teaser image

(Kitco News) - Uranium Energy Corp. (NYSE American:UEC) announced today that it will be buying 100% of Rio Tinto's Wyoming assets, comprised of the wholly-owned and fully-licensed Sweetwater Plant  and a portfolio of uranium mining projects with approximately 175 million pounds of historic resources.

The purchase price payable at closing is $175 million.

In a news release, UEC said that the company currently controls 12 uranium projects in the Great Divide Basin of Wyoming. The addition of Rio Tinto's Sweetwater Plant and portfolio of permitted and exploration stage projects is highly strategic and enables UEC to unlock the development potential of the company's extensive portfolio in the Great Divide Basin, creating a third U.S. hub-and-spoke production platform within UEC's pure-play uranium business.

"Expanding our production capabilities with the acquisition of highly sought after and fully licensed uranium assets in the U.S. is an important and timely milestone, especially in Wyoming, where we have recently restarted ISR production," said Amir Adnani, President and CEO of UEC. "With this Transaction, we are building upon our transformative acquisition of Uranium One Americas in 2021, which added a large portfolio of holdings in the Great Divide Basin of Wyoming. "

UEC was up 11% to today to $6.16 a share. 
 

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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