Uranium company contract near done

A Canadian mining company is close to finalizing a contract that will give a Russian company controlling attention in its uranium operations, which include a Utah town, a uranium mill and thousands of acres of claims. In October, four associate of Congress urged the U.S. Treasury Department to block plans by Uranium One to sell mass ownership to the mining company, Atomredmetzoloto ARMZ, whose parent company is Rosatom, the Russian nuclear agency, to keep national security. Since then, the Treasury Department has accepted Uranium One’s plans, as has the U.S. Nuclear Regulatory Commission and the Utah separation of Radiation Control.

“Uranium One has now expected all necessary approvals to proceed with the closing of the ARMZ transaction,” said Rob Buchanan, head of investor relatives for the Canadian company, “and we are on track to close the deal before the end of the year.” The Canadian mining company has said process of its U.S. assets won’t be exaggerated by the deal. That includes the Utah town of Ticaboo near Lake Powell, the Shootaring Canyon uranium mill a little miles north of the town and more than 10,000 acres of uranium claims in Utah, plus additional holdings in South Dakota, Wyoming and Texas.

Rusty Lundberg, director of the Utah separation of Radiation Control, said his agency’s decision to sign off on the modify of ownership was based on the company’s assurances in correspondence that there would be no change in operations. “Day to day decision with regard to the process at the Shootaring Mill will be complete by the management of Uranium One Exploration U.S.A. Inc. in coordination and consultation with Scott Schierman as the Corporate Radiation security Officer for the Shootaring Canyon Mill,” the company’s lawyer said in an e-mail to Assistant Attorney General Denise Chancellor. “Strategic decisions with stare to investment and growth of the Shootaring Mill will be made by Uranium One Inc.”