Paladin Energy on Wednesday welcome news that uranium producer Uranium One (UUU), which is scheduled on the JSE, had disposed of its interest in its company. Paladin said the move leaves it as the only completely independent, publicly listed pure play uranium manufacturer in the world. Uranium One said on Tuesday that it "recently sold substantially all of its previously acquired shares of Paladin Energy".
It said the sale proceeds would supplement the capital capital available to the company for the cash outflows contemplated by its proposed acquisition of two more mines in Kazakhstan. The company plans to get JSC Atomredmetzoloto's (ARMZ) 50 percent interest in the Akbastau Uranium Mine and its 49.67 percent interest in the Zarechnoye Uranium Mine.
"The acquisition will increase Uranium One's steady state production from its Kazakhstan assets by just about 60 percent, from approximately 10 million pounds to approximately 16 million pounds," Uranium One said in a statement.ARMZ currently holds 23.1 percent of Uranium One's outstanding general shares.
It said the sale proceeds would supplement the capital capital available to the company for the cash outflows contemplated by its proposed acquisition of two more mines in Kazakhstan. The company plans to get JSC Atomredmetzoloto's (ARMZ) 50 percent interest in the Akbastau Uranium Mine and its 49.67 percent interest in the Zarechnoye Uranium Mine.
"The acquisition will increase Uranium One's steady state production from its Kazakhstan assets by just about 60 percent, from approximately 10 million pounds to approximately 16 million pounds," Uranium One said in a statement.ARMZ currently holds 23.1 percent of Uranium One's outstanding general shares.
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