Canadian Mining Journal


URANIUM MERGER – Denison, IUC agree to join forces

Toronto's DENISON MINES and Vancouver's INTERNATIONAL URANIUM CORP. (ICU) have agreed to combine their assets under...

Toronto’s DENISON MINES and Vancouver’s INTERNATIONAL URANIUM CORP. (ICU) have agreed to combine their assets under the Denison name. That will create a mid-tier producer with an annual production of 5.5 million lb U3O8 by 2010. Market capitalization will be approximately $1.0 billion.

The plan of arrangement called for Denison to amalgamate with a wholly owned subsidiary of IUC, with Denison investors to receive 2.88 IUC common shares. The merger will require the approval of both companies’ shareholders, after which it is expected to close by the end of this year.

The new Denison Mines will own 22.5% of the McClean Lake mill in Saskatchewan, 100% of the White Mesa mill in Utah, and five active uranium projects in North America. The combined company will have over $120 million in cash to fund further development and exploration.

Denison’s Peter Farmer will become CEO of the combined company and James Anderson will be the CFO. IUC’s Ron Hochstein will become the president and COO, with Lukas Lundin as chairman. Both Denison and IUC will be equally represented on the board of the combined company.

Details concerning the merger are posted at

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