Uranium Resources, Inc (URRE) Acquires Rio Algom Mining LLC from BHP Billiton
- Top 10 News for 10/27 - 10/31: Fed Ends Easing; Q3 was Tough on Social Media Giants; Apple CEO Cook Gets Personal
- With U.S. Fed Taking Foot Off the Pedal, BoJ and Japan's Pension Fund Accelerate
- ExxonMobil (XOM) Tops Q3 EPS by 18c
- AbbVie (ABBV) Tops Q3 EPS by 12c
- UPDATE: Virgin Galactic Reports Anomaly with Spaceship Two; One Fatality Confirmed
Uranium Resources, Inc. (Nasdaq: URRE) announced today it will pay BHP Billiton $110 million in cash in order to acquire 100% ownership of Rio Algom Mining LLC. Under the agreement, Uranium Resources will pay the cash amount and assume certain retirement benefits and reclamation liabilities of which up to $35 million will be pre-funded at closing. URI will also pay BHP Billiton $16.5 million contingent upon the receipt of a license from the Nuclear Regulatory Commission (NRC) to construct and operate a conventional uranium mill. If the transaction is approved by regulators, the acquisition is expected to close before June 1, 2008. "The purchase of Rio Algom provides one of the key assets we need to achieve our strategic goal to produce 10 million pounds of U3O8 per year by 2014," commented Dave Clark, URI's President and Chief Executive Officer. "We believe building a new mill on a NRC licensed site with associated water rights could allow production to begin within four to five years."
You May Also Be Interested In
- RealPage, Inc. (RP) Rejects Vista Takeover - FT
- Actavis (ACT), Durata Therapeutics (DRTX) Receive FTC Clearance for Acquisition
- Perrigo (PRGO) in Talks to Acquire Omega Pharma - Bloomberg
Create E-mail Alert Related CategoriesMergers and Acquisitions
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!