Canadian miner SXR Uranium One Inc. said it will buy a uranium processing plant and uranium fields from U.S. Energy Corp. and its Crested Corp. affiliate for stock and cash worth about $101 million.
Uranium One said it will purchase the mothballed Shootaring Canyon Uranium Mill in Utah and uranium exploration properties in Utah, Wyoming, Arizona and Colorado.
It is paying 6.6 million shares, plus $750,000 in cash.
Uranium One also has agreed to pay U.S. Energy, based in Riverton, Wyo., $20 million when the mill starts commercial production and $7.5 million on the first delivery of uranium to the mill from any of the purchased properties.
U.S. Energy also will receive a royalty of 5 percent on the sale of uranium produced at the mill, to a maximum of $12.5 million.
The Shootaring Canyon Mill is about 48 miles south of Hanksville, Wayne County. The mill was commissioned and operated for four months in 1982 and has been maintained in "excellent condition" since then.
source news : deseretnews.com
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