Uranium Energy Corp. is a U.S. mining company focused primarily on uranium mining. With the recent acquisition of Uranium One Americas, Uranium Energy has become the largest uranium mining company in the USA.
Brief company profile of Uranium Energy
Uranium Energy was founded in 2003. Since then, the company has been mainly engaged in the exploration, mining and processing of uranium. The company is headquartered in Corpus Christi, Texas. In the state of Texas, the company also owns its own uranium mine, the Palangana Mine, and a uranium processing plant. In addition, Uranium Energy owns various other mineral rights in the USA and Paraguay.
Acquisition of Uranium One Americas
On November 9, 2021, Uranium Energy President and CEO Amir Adnani announced the successful acquisition of Uranium One Americas, a subsidiary of Uranium One Inc. For a total of $112 million in cash, Uranium Energy purchased all of the issued and outstanding shares of Uranium One Americas.
The parent company of Unranium One Americas is Uranium One, which belongs to the Russian nuclear energy company Rosatom and is one of the world’s largest uranium producers.
With the takeover, Uranium Energy has finally become the leading U.S. uranium producer and has gained considerable uranium deposits in the USA.
Profitable deal
According to CEO Adnani, the purchase price represents about 12 percent of the company’s current value, but the transaction will double Uranium Energy’s production capacity, so shareholders can also expect quite substantial profits in the future.
Uranium Energy Corp. shares are traded on the New York, NYSE MKT, London, NDN, Bats, Gettex, Tradegate, Quotrix, Baader Bank and Lang & Schwarz stock exchanges, as well as on the Frankfurt, Munich, Düsseldorf, Stuttgart, Berlin and XETRA exchanges.
Focus on uranium recovery by situ leaching
Uranium is extracted in different ways. Thus, the raw material can be mined by open pit or deep mining, or extracted by so-called situ recovery mining. The mining method depends primarily on the properties of the uranium ores found.
Uranium Energy uses the situ recovery process at the company’s Palangana Mine in Texas. This is mainly used in sandstone-bound deposits. In this process, a solution of dilute sulfuric acid is fed through injection holes into the ore body, which combines with the contained uranium to form a uranium-bearing solution. These uranium-bearing resins can then be extracted as uranium oxide by further drilling.
The uranium-bearing resins produced at the Palangana Mine are then further processed at the Group’s Hobson Processing Facility, Texas.
