Uranium Energy (UEC.US) to Acquire Rio Tinto's Wyoming Mining Assets for $175M, Shares Up Over 2% Pre-Market

Zhitong Finance APP noticed that Uranium Energy (UEC.US) rose 2.3% before the market on Monday, after the company said it agreed to buy Rio Tinto's (RIO.US) uranium production assets in Wyoming, including its fully-permitted Sweetwater plant and a series of mining projects for $175 million. As of the writing, the company rose 2.53% to $5.68.

Uranium Energy said the transaction would allow it to unlock the development potential of its investment portfolio in the Great Divide Basin in Wyoming, adding 175 million pounds of historical resources, and create a third U.S. hub for its pure uranium business.

The acquisition, together with Uranium Energy's existing 54,615 acres of mining rights in the Great Divide Basin, will establish a mining and exploration prospect portfolio of about 108,000 acres.

Uranium Energy CEO Amir Adnani said: "These assets will unlock significant value by establishing our third hub and production platform, and solidify the Company's position as the leading uranium developer in Wyoming and the U.S."