Vancouver's Uranium One Inc. (TSX:UUU) plans to acquire uranium assets in Wyoming for US$35 million.
Uranium One is acquiring the Irigaray ISR central processing plant and the Christensen Ranch satellite facility and associated uranium resources located in the Powder River basin of Wyoming from MALCO Joint Venture, which is a subsidiary of Areva and EDF.
The Irigaray processing plant will form the basis of operations in Wyoming with uranium from the company's additional projects in the area, including its Ludeman, Peterson, Allemand-Ross and Barge projects being processed at Irigaray.
"By acquiring existing, licensed production facilities, we will reduce the permitting and construction risk associated with developing our own central production plan," said Jean Nortier, Uranium One's president and CEO.
Closing of the deal is expected in 2010 subject to regulatory approvals including the U.S. Nuclear Regulatory Commission, the Wyoming Department of Environmental Quality, the Texas Commission on Environmental Quality and the Committee on Foreign Investment in the U.S.
The deal is also contingent on Uranium One completing its $270 million private placement with a consortium of Japanese companies.
Uranium One's share price range during the past week: between $2.86 and $2.95; 52-week high: $4.55; 52-week low: $0.60.