Debt-Free UEC Says It Controls Biggest ISR Uranium Portfolio In US
NYSE-listed Uranium Energy Corp (UEC) has closed a series of transactions with Anfield Energy, which has seen the company emerge as debt-free and positioned as a leading conventional uranium/vanadium developer in the Uravan mineral belt, in the US.
Anfield has settled $18.34-million of indebtedness that stretches back to UEC’s acquisition of Uranium One Americas in December last year. UEC now has more than $182-million of cash and liquid assets, and no debt.
“We are pleased to have completed mutually beneficial agreements where the Anfield indebtedness has now been repaid to UEC with significant cash proceeds and a strategic equity stake in Anfield,” said UEC president and CEO Amir Adnani.
The transactions also include a property swap allowing UEC to consolidate 25 additional uranium properties into its Wyoming portfolio, including the Charlie project which will be incorporated into future mining operations at the Christensen Ranch project.
As a result, UEC will control the largest ISR uranium portfolio in the US.
“We look forward to Anfield’s progress as it emerges from these transactions debt-free and positioned as a leading conventional uranium/vanadium developer in the Uravan Mineral Belt,” said Adnani.
He also welcomed the announcement by the Biden Administration this week that it will seek to wean the US off Russian uranium imports.
“[This] potentially marks the beginning of a new chapter in the future of the domestic US nuclear fuel industry,” he commented.
In light of Russia’s ongoing invasion of Ukraine, the Biden Administration is proposing a plan whereby the Department of Energy is asking Congress for approval and appropriations to purchase $3.5-billion of domestic low-enriched uranium which is comprised of uranium, conversion and enrichment services from US suppliers.
“We look forward to working with the Department of Energy to advance US national and energy security interests in domestic uranium capabilities as the US transitions away from Russian supply.”
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