Uranium One

Uranium One Inc.
Subsidiary
Industry Uranium, Gold
Founded 1997
Headquarters Toronto, Ontario, Canada
Key people
 Chris Sattler
(CEO)
Vadim Zhivov
(President)
Number of employees
 2,220[1]
Parent ARMZ Uranium Holding Co.
Website www.uranium1.com

Uranium One is a uranium mining company owned by the Russian government with headquarters in Toronto and operations in Australia, Canada, Kazakhstan, South 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]

History

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]

In April 2015 several news sources seemed to imply that Hillary Clinton had benefited financially during her tenure as United States Secretary of State in dealings involving Uranium One. The stories seemed to imply massive amounts of uranium were shifted from America to Russia's control in return for donations to the Clinton Foundation and speaking engagements to the value of $500,000 for former president Bill Clinton, one of Foundation officials.[6][11]

See also

References

  1. ↑ "Company Profile for Uranium One Inc (CA;UUU)". Retrieved 2008-10-10.
  2. ↑ 2.0 2.1 FP: "Uranium One bought by top Russian shareholder ARMZ for $1.3-billion" (Koven) January 14, 2013
  3. ↑ 3.0 3.1 WISE Uranium Project "Following the completion of the Going Private Transaction, and an internal reorganization by ARMZ's parent corporation, Russia's State Atomic Energy Company 'Rosatom' in December 2013, Uranium One is now a wholly-owned indirect subsidiary of Rosatom and is no longer controlled by ARMZ." updated April 1, 2015, accessed April 23, 2015
  4. ↑ 4.0 4.1 An Ex-President, a Mining Deal and a Big Donor, by Jo Becker and Don Van Natta Jr., The New York Times: January 31, 2008
  5. ↑ "UrAsia Energy Ltd." updated 21 April 2007, accessed 23 April 2015
  6. ↑ 6.0 6.1 6.2 Jo Becker and Mike Mcintire (April 23, 2015). "Cash Flowed to Clinton Foundation as Russians Pressed for Control of Uranium Company". The New York Times. Retrieved April 23, 2015. Canadian mining financier Frank Giustra orchestrated his first big uranium deal, with Mr. Clinton at his side.
  7. ↑ Jo Becker and Don Van Natta Jr. (January 31, 2008). "After Mining Deal, Financier Donated to Clinton". The New York Times. Retrieved April 23, 2015. The monster deal stunned the mining industry, turning an unknown shell company into one of the world’s largest uranium producers in a transaction ultimately worth tens of millions of dollars to Mr. Giustra, analysts said.
  8. ↑ "Kazakh tie-in for Uranium One and ARMZ". World Nuclear News. 2009-06-15. Retrieved 2009-06-24.
  9. ↑ Uranium One to Acquire Two More Kazakh Mines from ARMZ and To Pay Special Dividend to Minority Shareholders of at least US$ 1.06 per Share
  10. ↑ 10.0 10.1 "ARMZ takes hold of Uranium One". World Nuclear News. 2010-06-09. Retrieved 2010-06-09.
  11. ↑ http://video.foxnews.com/v/4192951425001/how-clinton-foundation-is-connected-to-russian-uranium-deal/?playlist_id=2114913880001#sp=show-clips/primetime

External links