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European Uranium/Portex merger delayed
An all-share deal that would combine European Uranium Resources TSXV:EUU and Portex Minerals CSE:PAX into a new company, European Minerals Inc, has hit a snag. Conditional on the marriage are financings from Global Resources Investment Ltd of $1.25 million for European Uranium and $2.4 million for Portex. The money, in turn, depends on Global attaining an LSE listing. That’s been delayed, pushing the financings to an anticipated February completion.
Anfield acquires Utah prospects
Anfield Resources TSXV:ARY bolstered its American uranium portfolio by picking up 32 mining claim groups on federal land in Utah from ASX-listed Yellow Rock Resources. Announced January 23, the deal brings Anfield’s Utah holdings to about 4,000 hectares within a 120-kilometre radius of Energy Fuels’ TSX:EFR White Mesa plant, the only conventional uranium mill operating in the U.S.
Subject to approvals, the acquisition will cost Anfield US$500,000 and 1.25 million shares. The company, formerly Equinox Copper, operates the Aura copper mine in Chile and holds additional uranium and copper assets in Arizona.
“China Inc” gets 25% of Paladin’s Langer Heinrich mine
Paladin Energy TSX:PDN has finally found a partner to take on a 25% stake in its flagship Langer Heinrich mine in Namibia, the company stated January 20. China Uranium Corp, a subsidiary of China’s largest nuclear utility, China National Nuclear Corp, buys in for US$190 million. CNNC may also purchase its share of production at spot, although Paladin may negotiate long-term offtake at different rates.
Paladin had hoped to swing a deal last June. But depressed uranium prices prompted the would-be customer to revise its bid, which Paladin then rejected. Since then the company’s held talks with a number of parties.
Langer Heinrich’s fiscal 2014 guidance comes to 5.7 million pounds and, “given sufficient uranium price incentive,” the mine has expansion potential to 8.5 million pounds. Its life expectancy is currently 20 years.
Although Toll Cross Securities analyst Tom Hope stated that “China Inc” got a bargain, Paladin portrayed the deal as “a formidable partnership focused on advancing global uranium production.” The company will use the money to pay down debt.
Alpha/Acme to drill Middle Lake/Skull Lake
Drilling and ground gravity will begin shortly at Middle Lake, a 2,416-hectare property also known as Skull Lake and adjacent to the former Cluff Lake mine. An 80%/20% JV between Alpha Exploration TSXV:AEX and Acme Resources TSXV:ARI, the project features three uraniferous boulder and radon trains identified by AREVA Resources Canada. Their source “is anticipated to be at the top of bedrock, which is covered by overburden that is five to 20 metres thick,” stated Alpha Exploration’s January 20 release. Plans call for 20 holes totalling about 2,000 metres.
A week earlier the Alpha Minerals spinco announced a 60% option on Noka Resources’ TSXV:NX Carpenter Lake property around the Basin’s south-central rim. In December Alpha Exploration reported plans for its other Cluff Lake-area JVs and its Mikwam gold property in Ontario.
Jet now trading on the Venture
Jet Metal TSXV:JET became a TSXV listing on January 20, having left the big board due to an insufficient market cap. The company holds interests in a Labrador uranium-vanadium resource and a Wyoming uranium resource.
Radiation rumours fan West Coast fears
Reacting to “recent stories and rumours they’ve heard about Fukushima, mostly online and many of dubious scientific legitimacy,” some panicky British Columbians have been seeking radiation protection in the form of potassium iodide, according to pharmacists cited by the January 23 Vancouver Province. In response the Canadian Nuclear Safety Commission has compiled a list of reliable media reports, including the Province’s Is it safe to eat the sushi? Answers to your questions about Fukushima radiation and Scientific American’s What you should and shouldn’t worry about after the Fukushima nuclear meltdown.
See previous uranium news updates:
- to January 17
- to January 10
- to December 24
- to December 20
- to December 13
- to December 6
- to November 29
- to November 22
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