Uranium One

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Uranium One Inc.
Industry Mining
Founded 2005
Headquarters Toronto, Ontario, Canada
Key people
Chris Sattler (CEO)
Vadim Zhivov (President)
Products Uranium
Gold
Number of employees
2,220[1]
Parent Rosatom
Website www.uranium1.com

Uranium One is a uranium mining company with headquarters in Toronto, Ontario, Canada. It has operations in Australia, Canada, Kazakhstan, South Africa and the United States. In January 2013 Rosatom, a Russian State-owned enterprise, through its subsidiary ARMZ Uranium Holding, purchased the company by a value of $1.3 billion.[2]

History[edit]

On July 5, 2005, Southern Cross Resources Inc. and Aflease Gold and Uranium Resources Ltd announced that they would be merging under the name SXR Uranium One Inc.[3]

In 2007 Uranium One acquired a controlling interest in UrAsia Energy,[4] a Canadian firm with headquarters in Vancouver, from Frank Giustra.[5] UrAsia Energy has interests in rich uranium operations in Kazakhstan.[6] UrAsia Energy's acquisition of its Kazakhstan uranium interests from Kazatomprom followed a trip to Almaty in 2005 by Giustra and former U.S. President Bill Clinton where they met with Nursultan Nazarbayev, the leader of Kazakhstan. Substantial contributions to the Clinton Foundation by Giustra followed.[5][7][8] The Podesta Group then lobbied on behalf of Uranium One.[9] The Podesta Group is run by Tony Podesta, the brother of John Podesta who was Hillary Clinton's 2016 campaign manager.

In June 2009, the Russian uranium mining company ARMZ Uranium Holding Co. (ARMZ), a part of Rosatom, acquired 16.6% of shares in Uranium One in exchange for a 50% interest in the Karatau uranium mining project, a joint venture with Kazatomprom.[10] In June 2010, Uranium One acquired 50% and 49% respective interests in southern Kazakhstan-based Akbastau and Zarechnoye uranium mines from ARMZ. In exchange, ARMZ increased its stake in Uranium One to 51%. The acquisition resulted in a 60% annual production increase at Uranium One, from approximately 10 million to 16 million lb.[11][12] The deal was subject to anti-trust and other conditions and was not finalized until the companies received Kazakh regulatory approvals, approval under Canadian investment law, clearance by the US Committee on Foreign Investments, and approvals from both the Toronto and Johannesburg stock exchanges. The deal was finalized by the end of 2010.[12] Uranium One paid its minority shareholders a significant dividend of 1.06 United States Dollars at the end of 2010.

ARMZ took complete control of Uranium One in January 2013[2] in a transaction which was reviewed by the Committee on Foreign Investment in the United States.[7] In December 2013 an internal reorganization of Rosatom extinguished the interest of ARMZ making Uranium One a direct subsidiary of Rosatom.[3]

See also[edit]

References[edit]

  1. ^ "Company Profile for Uranium One Inc (CA;UUU)". Retrieved 2008-10-10. 
  2. ^ a b FP: "Uranium One bought by top Russian shareholder ARMZ for $1.3-billion" (Koven) January 14, 2013
  3. ^ a b WISE Uranium Project "Following the completion of the Going Private Transaction, and an internal reorganization by ARMZ's parent corporation, Russia's State Atomic Energy Company 'Rosatom' in December 2013, Uranium One is now a wholly owned indirect subsidiary of Rosatom and is no longer controlled by ARMZ." updated April 1, 2015, accessed April 23, 2015
  4. ^ Kazakhstan probing sales of uranium deposit shares
  5. ^ a b An Ex-President, a Mining Deal and a Big Donor, by Jo Becker and Don Van Natta Jr., The New York Times: January 31, 2008
  6. ^ "UrAsia Energy Ltd." updated 21 April 2007, accessed 23 April 2015
  7. ^ a b Jo Becker and Mike Mcintire (April 23, 2015). "Cash Flowed to Clinton Foundation as Russians Pressed for Control of Uranium Company". The New York Times. Retrieved April 23, 2015. Canadian mining financier Frank Giustra orchestrated his first big uranium deal, with Mr. Clinton at his side. 
  8. ^ Jo Becker and Don Van Natta Jr. (January 31, 2008). "After Mining Deal, Financier Donated to Clinton". The New York Times. Retrieved April 23, 2015. The monster deal stunned the mining industry, turning an unknown shell company into one of the world's largest uranium producers in a transaction ultimately worth tens of millions of dollars to Mr. Giustra, analysts said. 
  9. ^ H. A. Goodman: General Michael Flynn Was Right To Discuss Obama’s Sanctions With Russian Ambassador, The Huffington Post, October 24, 2016
  10. ^ "Kazakh tie-in for Uranium One and ARMZ". World Nuclear News. 2009-06-15. Retrieved 2009-06-24. 
  11. ^ Uranium One to Acquire Two More Kazakh Mines from ARMZ and To Pay Special Dividend to Minority Shareholders of at least US$ 1.06 per Share
  12. ^ a b "ARMZ takes hold of Uranium One". World Nuclear News. 2010-06-09. Retrieved 2010-06-09. 

External links[edit]