Summary by Moomoo AI
On September 20, 2024, Uranium Energy Corp. (UEC) entered into a stock purchase agreement to acquire Rio Tinto America Inc.'s Wyoming uranium assets for $175 million in cash. The acquisition includes Kennecott Uranium Company and Wyoming Coal Resources Company, which jointly own the Green Mountain Mining Venture.The assets comprise uranium processing facilities in Sweetwater County, the Jackpot and Big Eagle properties, and mineral rights in Fremont and Sweetwater Counties, Wyoming. UEC will replace approximately $25 million in surety bonds for future reclamation costs. The deal is expected to close in Q4 2024, subject to regulatory approvals.This strategic acquisition significantly expands UEC's uranium portfolio in Wyoming, a key U.S. uranium-producing region. The transaction aligns with UEC's growth strategy and strengthens its position in the domestic uranium market.
