Uranium Energy Corp (UEC) announced on September 23, 2024, that it has entered into an agreement with Rio Tinto America Inc. to acquire 100% of Rio Tinto's Wyoming assets. This acquisition includes the fully-licensed Sweetwater Plant and a portfolio of uranium mining projects, which collectively hold approximately 175 million pounds of historic uranium resources.
The purchase price for this significant transaction is $175 million, which UEC plans to fund using its available liquidity. The Sweetwater Plant is a conventional processing mill with a licensed capacity of 4.1 million pounds of U3O8 per year, capable of processing 3,000 tons per day.
This strategic acquisition is expected to establish UEC's third hub-and-spoke production platform in Wyoming, building upon its existing operations in the Great Divide Basin. The integration of these assets is anticipated to unlock substantial value and solidify UEC's position as a leading uranium developer in Wyoming and the United States.
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