Uranium Energy Corporation has agreed to buy British-Australian multinational mining company Rio Tinto’s assets in Wyoming, US, which include the fully-licensed Sweetwater plant and a portfolio of uranium mining projects.
The Texas-based uranium producer and explorer said the $175m (€157m) cash deal would give it key assets that will allow it to boost production, providing opportunities for synergy with its other projects in Wyoming’s Great Divide Basin.
It said the move was a response to unprecedented demand for uranium and nuclear energy. This spike, it said, is being fuelled by ongoing geopolitical events, the escalating need for reliable clean energy, and the rapid adoption of AI technologies.