Uranium Resources, Inc (URRE) Acquires Rio Algom Mining LLC from BHP Billiton
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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."
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