Sinosteel plans to bid for 20% stake in Canada's Denison Mines

Comment: With all the Uranium companies joining each other, How will we know what countries will receive Uranium. The Canadian Uranium company in Virginia is telling us that if uranium is mine in VA, it will stay in America???? Do you really believe them?

Read several Posts about companies needing uranium!

Sinosteel plans to bid for 20% stake in Canada's Denison Mines

Jun. 16, 2009 (China Knowledge) - Sinosteel Corp, China's second largest iron ore trader, has submitted a bid for a 20% holding in Denison Mines Corp, a Canada-based uranium producer, in an attempt to outbid Korea Electric Power Corp (Kepco), the South China Morning Post reported on Monday, quoting unnamed sources as saying.

In mid-April, Kepco and Denison said that the Korean firm had consented to purchase a 19.9% holding in the Canadian miner for around C$75.4 million. The deal has not been closed yet.

Denison Mines, which is mainly engaged in uranium exploration, development, mining and milling, has uranium mining projects in both the U.S. and Canada as well as development projects in Canada, Zambia and Mongolia.

In early March, Sinosteel announced that it had raised its shareholding in Australia-based Murchison Metals Ltd to 5.85% from the previous 2.4%, which it acquired last April.

Sinosteel reported business revenue of RMB 171.9 billion for last year, a robust growth of 39% from the previous year.

http://www.chinaknowledge.com/Newswires/News_Detail.aspx?type=1&NewsID=24482

Kansai Electric Aims to Invest More in Uranium Mines, Mori Says

The utility was the first from Japan to invest in a mine in Kazakhstan, holder of the world’s second-biggest reserves.

Kansai Electric together with partners Sumitomo Corp. and Kazatomprom, a state-owned miner, said in 2006 they would invest $100 million in the West Mynkuduk mine. The project, in which Kansai holds a 10 percent stake, started production in December 2007 and will yield 1,000 tons a year at its peak.

Australian Exploration

Kansai Electric also holds a 50 percent stake in Japan Australia Uranium Resources Development Co., which won rights to explore two areas in South Australia in 2008 and will invest A$20 million ($15.8 million) in exploration.

The company holds a 6.9 percent stake in Japanese mining venture, Overseas Uranium Resources Development Co., with mines in Canada and Niger.

Kansai Electric got about 39 percent of its uranium from Australia, 27 percent from Africa and 19 percent from North America in the 10 years to 2008. Soga declined to say how much uranium the company needs a year.

http://www.chinaknowledge.com/Newswires/News_Detail.aspx?type=1&NewsID=24482

Vancouver uranium mining company acquires 50% interest in Kazakh project

Tuesday, 16 June 2009

Vancouver's Uranium One Inc. (TSX:UUU) plans to acquire 50% interest in the Karatau Uranium mine from a Russian company in a cash and share deal worth approximately $455 million.

Uranium One's deal with JSC Atomredmetzoloto (ARMZ), a Russian state-owned uranium mining company, will be paid with 117 million Uranium One shares plus US$90 million in cash. The agreement also provides for a contingent payment to ARMZ of up to US$60 million, payable in three equal tranches between 2010 and 2012 subject to post-closing tax-related adjustments.
The Karatau project produced 1.7 million pounds of uranium last year and is expected to yield 3.3 million pounds this year at a total cash cost of $15 per pound. The mine is expected to reach 5.2 million pounds of production by 2011.

As a result of the deal, ARMZ will have a 16.6% interest in Uranium One and will have one member of the board appointed by ARMZ. The deal, which is subject to legal due diligence, customary closing conditions and regulatory and shareholder approvals, is expected to close in December.

Uranium One has agreed to appoint a second ARMZ representative to the board in 2010, subject to shareholder approval.

http://www.bivinteractive.com/index.php?option=com_content&task=view&id=1686&Itemid=32