Uranium One Offloads South Texas ISR Assets

摘要

Canadian junior Uranium One is set to offload its South Texas ISR assets to US-based Uranium Energy Corp. (UEC). UEC announced Wednesday an agreement in principle to purchase the Hobson ISR processing facility and the Palangana ISR pro- ject from Uranium One and 1% owner Everest Exploration. The deal appears a major coup for UEC, and a small defeat for Uranium One. The latter had already stopped spending money on both assets "pending the receipt of all necessary permits and the potential identification of additional development areas." The prob- lem, it seems, is that while Uranium One had upgraded by July 2008 the Hobson facility to a capacity of 1 million lbs U3O8, Palangana would simply not provide enough uranium feed (as a slurry of resins).