Kazakhstan officially approves Uranium One swap deal with ARMZ

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RIA Novosti, PUBLISHED September 03, 2010

Kazakhstan has approved Canada's Uranium One's sale of a controlling stake to Russian state-owned miner Atomredmetzoloto (ARMZ), the deputy head of the Kazakh Ministry of Industry and New Technologies, Albert Rau said on Thursday.

Shareholders of the Canadian mining company approved the deal on Tuesday.

The Russian uranium holding, the mining arm of state nuclear corporation Rosatom, will increase its ownership in the Canadian company to 51% from 23%.

"One of the conditions for approving the deal is the establishment of a 'road map' between Rosatom and Kazatatomprom. A single deal can not be considered separately from the enrichment and refinery uranium programs," Rau said.

The deal envisions that Vancouver-based Uranium One will issue 356 million common shares.

ARMZ will pay Uranium One $610 million in cash. It will also give the company shares in two mines in Kazakhstan: a 50% stake in the Akbastau uranium mine and 49.7% of Zarechnoye mine stock.

Topics: Uranium, Asia, Kazakhstan, Russia, Canada

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