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ARMZ acquires Australian uranium producer in $1.2 bln deal

RIA Novosti, PUBLISHED December 16, 2010

ARMZ Uranium Holding Co. (Atomredmetzoloto), the Russian uranium mining subsidiary of Rosatom, has agreed to acquire 100% of shares in Mantra Resources, an Australian uranium producer, for 1.2 billion Australian dollars, ARMZ said on Wednesday.

ARMZ will pay eight Australian dollars per share, which represents a 15.5 percent premium on the average market price for 20 trading days. The holding will pay about 22.6 Australian dollars per kilogram of raw materials, according to Mantra Resources.

"The deal with Mantra Resources Limited is a part of ARMZ's strategy to diversify (state nuclear power holding) RosAtom's resource base. It will help the holding increase its asset portfolio with a low uranium production cost, consolidate the state corporation's leading position among global producers of natural uranium," ARMZ said in a statement.

Topics: Uranium, Russia, Australia

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