Company proposing Naturita uranium mill acquires Utah facility
Energy Fuels Inc. at midnight Friday completed its acquisition of Denison Mines Corp.‘s uranium assets in the United States.
Energy Fuels, which is planning to build the first uranium mill in the United States in three decades, acquired the most-recently constructed mill, the one in Blanding, Utah, in the deal.
As part of the arrangement, Energy Fuels will issue approximately 1.106 common shares of Energy Fuels stock per Denison common share to the Denison shareholders. On completion, Denison shareholders will hold about 63 percent of the issued and outstanding common shares of Energy Fuels.
Energy Fuels acquired Denison’s uranium assets in the United States, along with the Blanding mill.
Energy Fuels is pursuing construction of the proposed mill near Naturita, which officials said will cost about $150 million to build. The company faces an administrative hearing before mid-September to reacquire its radioactive materials permit, which a Denver District judge revoked, pending that hearing.
Officials hope each mill will serve a different area of the company’s mine holdings.
Energy Fuels also increased the size of its board to 10 directors. Ron Hochstein, the president and CEO of Denison, and Robert Dengler, a Denison director, were appointed to the Energy Fuels board.