UNITED STATES SXR URANIUM ONE of Toronto is making moves to become a significant producer in the United States. In two separate deals announced earlier this week (July 10 and 11), Uranium One picked up a pair of mills and properties in several western states.
The first deal involves RIO TINTO ENERGY AMERICA's selection of Uranium One as the preferred bidder for its Sweetwater mill and associated Green Mountain properties in Wyoming. The deal is worth US$110 million in cash, Uranium One shares, warrants and options. Uranium One has also agreed to pay one-time payments of up to US$40 million (depending on the price of uranium) over the first five years of production.
In the second deal with U.S. ENERGY and its affiliate, CRESTED CORP, Uranium One intends to acquire the Shootaring Canyon mill in Utah and the vendors' interests in properties in Utah, Wyoming, Arizona and Colorado. That deal is worth US$50 million.
Both uranium mills are currently shut down. The Sweetwater mill operated between 1971 and 1983, and the Shootaring Canyon mill for four month in 1982. Both employed acid leach processes.
Uranium One's recent presentation outlining its move into the U.S. is posted at www.Uranium1.com.