A Canadian mining company is close to finalizing a deal that will give a Russian company controlling interest in its uranium operations, which include a Utah town, a uranium mill and thousands of acres of claims.
In October, four members of Congress urged the U.S. Treasury Department to block plans by Uranium One to sell majority ownership to the mining company, Atomredmetzoloto (ARMZ), whose parent company is Rosatom, the Russian nuclear agency, to protect national security. Since then, the Treasury Department has approved Uranium One’s plans, as has the U.S. Nuclear Regulatory Commission and the Utah Division of Radiation Control.
“Uranium One has now received all necessary approvals to proceed with the closing of the ARMZ transaction,” said Rob Buchanan, head of investor relations for the Canadian company, “and we are on track to close the transaction before the end of the year.”
The Canadian mining company has said operation of its U.S. assets won’t be affected by the deal. That includes the Utah town of Ticaboo near Lake Powell, the Shootaring Canyon uranium mill a few 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 Division of Radiation Control, said his agency’s decision to sign off on the change of ownership was based on the company’s assurances in correspondence that there would be no changes in operations. Salt Lake Tribune
