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Uranium One

From Wikipedia, the free encyclopedia

Uranium One Inc.
Type Subsidiary
Industry UraniumGold
Founded 1997
Headquarters TorontoOntarioCanada
Key people Chris Sattler
(CEO)
Vadim Zhivov
(President)
Number of employees 2,220[1]
Parent Rosatom State Atomic Energy Corporation
Website www.uranium1.com

Uranium One is a uranium mining company owned by the Russian government with headquarters in Toronto and operations inAustraliaCanadaKazakhstanSouth Africa and the United States. It is a Canadian corporation. Rosatom, a Russian State-owned enterprise, through its subsidiary ARMZ Uranium Holding, purchased the balance of a 100% stake in the firm January 2013.[2]

Contents

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  • History[edit]

    The company was founded January 2, 1997 as Southern Cross Resources Inc.

    On July 5, 2005, Southern Cross Resources Inc. and Aflease Gold and Uranium Resources Ltd announced that they would be merging under the name SXR Uranium One Inc.[3]

    In 2007 Uranium One acquired a controlling interest in UrAsia Energy, a Canadian firm with headquarters in Vancouver, from Frank Giustra.[4] UrAsia Energy has interests in rich uranium operations in Kazakhstan.[5] UrAsia Energy’s acquisition of its Kazakhstan uranium interests from Kazatomprom followed a trip to Almaty in 2005 by Giustra and former U.S. President Bill Clinton where they met with Nursultan Nazarbayev, the leader of Kazakhstan. Substantial contributions to the Clinton Foundation by Giustra followed.[4][6][7]

    In June 2009, the Russian uranium mining company ARMZ Uranium Holding Co. (ARMZ), a part of Rosatom, acquired 16.6% of shares in Uranium One in exchange for a 50% interest in Karatau uranium mining project, a joint venture with Kazatomprom.[8] In June 2010, Uranium One acquired 50% and 49% respective interests in southern Kazakhstan-based Akbastau and Zarechnoye uranium mines from ARMZ. In exchange, ARMZ increased its stake in Uranium One to 51%. The acquisition resulted in a 60% annual production increase at Uranium One, from approximately 10 million to 16 million lb.[9][10] The deal was subject to anti-trust and other conditions and was not finalized until the companies received Kazakh regulatory approvals, approval under Canadian investment law, clearance by the US Committee on Foreign Investments, and approvals from both the Toronto and Johannesburg stock exchanges. The deal was finalized by the end of 2010.[10] Uranium One paid its minority shareholders a significant dividend of 1.06 United States Dollars at the end of 2010.

    ARMZ took complete control of Uranium One in January 2013[2] in a transaction which was reviewed by the Committee on Foreign Investment in the United States.[6] In December 2013 an internal reorganization of Rosatom extinguished the interest of ARMZ making Uranium One a direct subsidiary of Rosatom.[3]

    Approval of the transfer of American uranium resources to a Russian controlled-company occurred during Hillary Clinton’s tenure as United States Secretary of State. There were a number of donations to the Clinton Foundation by principals of Uranium One. During the same period there was a speaking engagement in Russia by former president Bill Clinton for which he was paid $500,000.[6][11] There is no hard evidence of a quid pro quo in any instance involving Bill Clinton.

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