Friday, May 30, 2025

Latest

Uranium Energy Corp To Acquire Rio Tinto’s Wyoming Uranium Assets For $175 Million

Uranium Energy Corp (NYSE: UEC) has acquired additional uranium assets. The company has entered into an arrangement with Rio Tinto, whereby they are to acquire the firms uranium assets in Wyoming.

The acquisition will see UEC purchase Rio Tinto’s Sweetwater Plant, along with a portfolio of uranium mining projects that are said to have 175 million pounds of historic resources. The purchase, in combination with twelve existing assets held in the state, is expected to establish UEC’s third hun and spoke production platform in the US, which is centered on the Great Divide Basin of Wyoming.

The Sweetwater Plant contains a licensed capacity of 4.1 million pounds per year, process material at a rate of 3,000 tonnes per day. The processing facility is also said to be adaptable for the recovery of uranium from loaded resins produced by ISR operations, providing flexibility for both ISR and conventional mining.

The land package meanwhile covers 53,000 acres of land to UEC’s portfolio, which historically has had over 6.1 million feet (1.86 million metres) of drilling conducted on it across 13,000 drill holes. Combined with previously owned assets in the region, UEC now owns 108,000 acres of land in the Great Divide Basin.

The assets are to be acquired for a figure of $175 million, subject to working capital adjustments, which is to be funded via available liquidity. As part of the purchase, UEC will be required to replace $25 million in surety bonds related to future reclamation costs on the assets. The transaction is expected to close in Q4 2024.

“With this Transaction, we are building upon our transformative acquisition of Uranium One Americas in 2021, which added a large portfolio of holdings in the Great Divide Basin of Wyoming. We recognized early on that there are meaningful development synergies with the Rio Tinto assets, particularly the Sweetwater Plant. These assets will unlock tremendous value by establishing our third hub-and-spoke production platform and cement UEC as the leading uranium developer in Wyoming and the U.S.,” commented Amir Adnani, CEO of Uranium Energy Corp.

Uranium Energy Corp last traded at $5.54 on the NYSE.


Information for this story was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Uranium Energy Corp Acquires Additional U3O8, Crosses 5.0 Million Pound Mark For Warehoused Uranium

Uranium Energy Corp (NYSE: UEC) continues to be bullish on the price of uranium. The...

Wednesday, April 20, 2022, 08:15:58 AM

Uranium Energy Corp Loses $4.6 Million In Q3 2021

Uranium Energy Corp (NYSE: UEC) filed its quarterly report for the nine months ended April...

Wednesday, June 9, 2021, 10:17:05 AM

Uranium Energy Corp Drops $150 Million To Acquire Roughrider Uranium Project

What’s the value of a historic deposit within the Athabasca Basin of Saskatchewan? If you’re...

Wednesday, October 12, 2022, 08:16:00 AM

Uranium Energy Corp Hits 6.96% eU3O8 Over 13.5 Metres At Roughrider

Uranium Energy Corp (NYSE: UEC) has hit high grade uranium under a drill program conducted...

Tuesday, August 20, 2024, 09:13:19 AM

Denison Re-Enters The Fray To Acquire UEX Corp, Bidding Higher Than Uranium Energy

Denison Mines (TSX: DML) appears to be in a competition with Uranium Energy Corp (NYSE:...

Tuesday, August 9, 2022, 09:12:57 AM