Areva says in talks to buy uranium miner UraMin
Tue Jun 12, 2007 1:06pm
yahoo.reuters.com
TORONTO, June 12 (Reuters) - French state-owned nuclear reactor builder and uranium producer Areva (CEPFi.PA: Quote, Profile , Research) confirmed on Tuesday it is in nonexclusive talks to buy Canadian-listed uranium miner UraMin Inc. (UMN.TO: Quote, Profile , Research).
UraMin, whose operations are focused in Africa, said on Monday it was in talks about a possible sale of the company, but did not name potential suitors.
"We do confirm that we are discussing with UraMin, as well as some other junior companies. We assume that they are discussing with other potential partners," Areva spokesman Julien Duperray said in an e-mailed statement.
UraMin's shares jumped more than 11 percent after the Monday announcement. The company had been carrying out a strategic review of its assets due to recent consolidation in the uranium sector, which has heated up with renewed interest in nuclear power generation and as uranium spot prices have jumped to their highest levels in decades.
UraMin, whose market value is about C$2.3 billion, ($2.2 billion) has three projects that are due to start production by the end of 2009. The company's shares were up 17 Canadian cents at C$7.92 on the Toronto Stock Exchange. |
