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M&A: Uranium One Holding, Intermix Met, NAC Kazatomprom to set up JV

On February 26, Uranium One Holding N.V. and Intermix Met LLC signed a memorandum of understanding which will be implemented in pursuance of the similar MoU between Uranium One Holding N.V. and JSC NAC Kazatomprom signed on February 7, 2014, Uranium One informed.

The MoU contemplates the development of ancillary scandium concentrate mining at uranium mining enterprises in Kazakhstan. The crude ore will be converted into scandium oxide and products based on it.

According to provisional estimates, total investment in phases 1-2 of the project will reach $60 million. The first end products will enter the market in 2016. The target production is 6 tonnes of scandium oxide per year.

Uranium One Inc. (Netherlands) is one of the world's largest uranium producers with a diversified portfolio of assets in Kazakhstan, the USA, Australia and in south of Africa. ARMZ consolidated 51.42% in Uranium One Inc. in December 2010.

JSC Atomredmetzoloto (ARMZ, tax number: 7706016076) is one of the global uranium mining leaders, one of the five biggest uranium miners in terms of the output, ranking second in the uranium raw-material base. The holding is a principal supplier of uranium raw for Russia's power sector which produced 4.624 thousand tonnes of uranium in 2009 at its enterprises in Russia and Kazakhstan. Atomredmetzoloto's shareholders are JSC Atomenergoprom (16,201,544,808 shares, 79.98%) and OJSC TVEL (4,055,695,153 shares, 20.02%). In October 2013, uranium holding ARMZ consolidated 100% of the shares in Canada's uranium mining company Uranium One; in December, OJSC AtomCapital acquired 57% of the voting shares in Uranium One Holding N.V.

IFRS net loss of OJSC Atomredmetzoloto (ARMZ) for 2012 was RUB 9.23 million against a profit of RUB 3.2 million the year before. Revenue increased by 7.42% to RUB 47.795 million from RUB 44.495 million EBITDA by 21.7% to RUB 14.091 million from RUB 11.578 million.

According to the DataCapital information retrieval system, RAS net profit of JSC Atomredmetzoloto for 2012 dropped 2.35-fold to RUB 1.149 billion from RUB 2.701 billion the year before. Revenue increased by 16.18% to RUB 31.237 billion from RUB 26.886 billion, sales profit decreased by 40.7% to RUB 2.544 billion from RUB 4.29 billion, pre-tax profit by 47.01% to RUB 1.844 billion from RUB 3.48 billion.

State Atomic Energy Corporation Rosatom (tax number: 7706413348) manages all of Russia's nuclear power assets including the civil nuclear segment and nuclear weapons.

Rosatom was established on December 18, 2007, its core is state-owned holding JSC Atomenergoprom consolidating all the non-military assets of Russia's nuclear industry. Besides, the state-owned corporation operates the nuclear icebreaker fleet and owns Inter RAO UES managing power assets in 14 countries of the world.

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"AK&M", 03.03.2014 11:01


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