Uranium One
{{Short description|Russian group of companies}}
{{Infobox company
| name = Uranium One Inc.
| logo = Uranium one - logo.jpg
| image =
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| trading_name =
| former_name = Southern Cross Resources Inc.
SXR Uranium One Inc.
| type = Group of companies
| traded_as =
| ISIN =
| industry = Uranium industry (ISIC 3)
| fate =
| predecessors = Southern Cross Resources Inc.
Aflease Gold and Uranium Resources Ltd.,
| successor =
| founded = {{Start date|1997|01|02|df=y}}
| founder =
| defunct =
| hq_location_city = Moscow
| hq_location_country = Russia
| num_locations =
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| area_served =
| key_people = Andrey Shutov
(President of JSC Uranium One Group)
| products = Uranium
Lithium
Biofuels
| brands =
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| num_employees = 201–500{{cite web|url= https://www.annualreports.com/Company/uranium-one-inc |title=Uranium One Inc. |website=AnnualReports.com|date=March 30, 2016|access-date=August 1, 2018}}
| num_employees_year =
| parent = Part of the TENEX Group
| divisions =
| subsid =
| website = https://uranium1.com
| footnotes =
}}
Uranium One is an international group of companies, part of the management circuit of the TENEX Group of Rosatom State Corporation. Since 2013, it is a wholly owned subsidiary of Moscow-based Uranium One Group, a part of the Russian state-owned nuclear corporation Rosatom.{{Cite news |url=https://financialpost.com/commodities/mining/uranium-one-bought-by-top-russian-shareholder-armz-for-1-3-billion|title=Uranium One bought by top Russian shareholder ARMZ for $1.3-billion|last=Koven|first=Peter|date=January 14, 2013|newspaper=Financial Post|access-date=August 31, 2017}}
History
The company was established as Southern Cross Resources Inc. on January 2, 1997, in Toronto, Canada. It was listed on the Toronto Stock Exchange on August 25, 1997. In 2005, Southern Cross Resources Inc. reverse merged with South African Aflease Gold and Uranium Resources Ltd. under the name SXR Uranium One Inc.{{cite news |last=Stueck|first=Wendy|url=https://www.theglobeandmail.com/report-on-business/s-african-firm-nabs-uranium-miner/article18240263/ |title=S. African firm nabs uranium miner|newspaper=The Globe and Mail|date=July 6, 2005|access-date=July 31, 2018}}{{cite news | url=https://mg.co.za/article/2005-12-06-court-sanctions-southern-cross-takeover-of-aflease |title= Court sanctions Southern Cross takeover of Aflease |newspaper= Mail and Guardian |date= December 6, 2005|access-date= November 8, 2018}} After merger, the company received secondary listing on the Johannesburg Stock Exchange. Aflease Gold and Uranium Resources Ltd. became a subsidiary of SXR Uranium One and was renamed Uranium One Africa Ltd. The main uranium asset of Aflease was the Dominion mine. The gold assets of Aflease were divested by 2008 and Uranium One Africa was sold in 2010 to Gupta family.{{cite news |last1=Steyn |first1= Lisa |last2= Donnelly |first2= Lynley | url= https://mg.co.za/article/2016-03-23-price-pressure-on-gupta-uranium-mine |title= Price pressure on Gupta uranium mine |newspaper= Mail and Guardian |date= March 24, 2016|access-date= November 8, 2018}}
In 2007, Uranium One Inc. acquired UrAsia Energy Ltd. And a 70% stake in the Akdala and South Inkai uranium mines, as well as a 30% stake in the Kyzylkum venture in Kazakhstan. In June 2009, JSC Atomredmetzoloto (ARMZ), a subsidiary of Rosatom, acquired a 16.6 percent stake in Uranium One in exchange for a 50 percent stake in its joint venture with Kazatomprom{{cn|date=April 2023}} Karatau.
In the same year, Uranium One bought the Shootaring Uranium Mill from the United States Enrichment Corporation. It was sold to Anfield Energy in 2015.{{cite news |url= https://www.oilandgas360.com/hidden-value-in-anfield-energy-the-shootaring-uranium-mill/ |title=Hidden Value in Anfield Energy: The Shootaring Uranium Mill | work = Oil & Gas 360|date=June 26, 2018|access-date=November 8, 2018}} Also in 2007, Uranium One acquired Energy Metals Corporation which owned the Hobson uranium processing plant in Texas, and uranium exploration properties located in Wyoming and Texas. The Hobson uranium processing plant and assets in Texas were sold to Uranium Energy Corporation in 2009.
{{cite news
| work = World Nuclear News
| url = http://www.world-nuclear-news.org/Articles/Uranium-Energy-buys-Texan-venture
| title = Uranium Energy buys Texan venture
| date = October 10, 2009
| access-date= November 12, 2018}}
In 2009, the Rosatom subsidiary ARMZ acquired 16.6% of shares in Uranium One in exchange for a 50% interest in the Karatau uranium mining project, a joint venture with Kazatomprom.
{{cite news
| work = World Nuclear News
| url = http://www.world-nuclear-news.org/newsarticle.aspx?id=25418&terms=ARMZ+
| title = Kazakh tie-in for Uranium One and ARMZ
| date = June 15, 2009
| access-date=June 24, 2009}}
In 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%.{{cite web |url=http://www.uranium1.com/uploads/articles/UUU%20Press%20Release%20June%208%202010_FINAL.pdf |title=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 |access-date=June 9, 2010 |archive-url=https://web.archive.org/web/20100827030102/http://www.uranium1.com/uploads/articles/UUU%20Press%20Release%20June%208%202010_FINAL.pdf |archive-date=August 27, 2010 |url-status=dead |df=mdy-all }}
{{cite news
| work = World Nuclear News
| url = http://www.world-nuclear-news.org/C-ARMZ_takes_hold_of_Uranium_One-0906107.html
| title = ARMZ takes hold of Uranium One
| date = June 9, 2010
| access-date=June 9, 2010}}
In 2010, Uranium One acquired Irigaray uranium processing plant, the Christensen Ranch satellite uranium processing facility and associated uranium exploration properties in the Powder River Basin in Wyoming from the joint venture of AREVA and Électricité de France.
{{cite news
| work = World Nuclear News
| url = http://www.world-nuclear-news.org/Articles/Uranium-One-acquires-Wyoming-assets
| title = Uranium One acquires Wyoming assets
| date = August 11, 2009
| access-date= November 12, 2018}}
In December 2010, ARMZ increased its stake in Uranium One to 51.4%. At the time of the 2010 sale, the U.S. Nuclear Regulatory Commission estimated that Uranium One held the rights to approximately 20% of the licensed uranium ore production capacity in the United States which in its entirety amounted to 0.2% of the world's uranium production.{{cite news |last=Kessler |first=Glenn| title=The repeated, incorrect claim that Russia obtained '20 percent of our uranium'|url=https://www.washingtonpost.com/news/fact-checker/wp/2017/10/31/the-repeated-incorrect-claim-that-russia-obtained-20-percent-of-our-uranium| newspaper = The Washington Post|date=October 31, 2017| access-date=January 19, 2020}}{{Cite news|last=Ritch|first=John|url=https://www.nytimes.com/2017/11/21/opinion/uranium-deal-clinton-russia.html |title=This Uranium Deal Was No Scandal|date=November 21, 2017| newspaper = The New York Times|access-date=November 22, 2017}} By 2017 additional mining licenses had been issued to other operators, shrinking Uranium One's share of U.S. production capacity to approximately 10%.
ARMZ took complete control of Uranium One in January 2013 by buying all shares it did not already own. In October 2013, Uranium One Inc. was delisted from the Toronto and Johannesburg exchanges and became a wholly owned indirect subsidiary of Rosatom.[http://www.wise-uranium.org/ucscr.html 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
{{cite news
| work = Reuters
| url = https://www.reuters.com/article/uranium-one-private-idUSL5N0I902T20131019
| title = Uranium One to delist shares as Russia's state nuclear firm takes control
| date = October 19, 2013
| access-date= August 14, 2021}}
From 2012 to 2014, an unspecified amount of Uranium was reportedly exported to Canada via a Kentucky-based trucking firm with an existing export license; most of the processed uranium was returned to the U.S., with approximately 25% going to Western Europe and Japan.{{cite web |url=https://thehill.com/policy/national-security/358339-uranium-one-deal-led-to-some-exports-to-europe-memos-show/ |title=Uranium One deal led to some exports to Europe, memos show |date=November 2, 2017 |first1=John |last1=Solomon |first2=Alison |last2=Spann |website=TheHill.com |access-date=January 28, 2018}}{{cite web |url=https://www.nytimes.com/2015/04/24/us/cash-flowed-to-clinton-foundation-as-russians-pressed-for-control-of-uranium-company.html |title=Cash Flowed to Clinton Foundation Amid Russian Uranium Deal |date=April 23, 2015 |first1=Jo |last1=Becker |first2=Mike |last2=McIntire |website=The New York Times |access-date=January 28, 2018}} In 2015, Uranium One relocated certain head office functions such as finance, internal audit and some technical services to Moscow. In 2017, Uranium One established a trading company Uranium One Trading in Zug, Switzerland. However, in January 2018, trading functions of the company were transferred to Techsnabexport, an export arm of Rosatom.
{{cite news
| newspaper = Kommersant
| url = https://www.kommersant.ru/doc/3515917
| title = "Росатом" сливает доходы: Трейдинг природного урана передают "Техснабэкспорту"
| trans-title = Rosatom merges revenues: Natural uranium trading is transferred to Techsnabexport
| first1 = Vladimir | last1 = Dzaguto
| first2 = Anatoly | last2 = Dzhumaylo
| date = January 11, 2018
| access-date= November 12, 2018
| language = ru}}
In 2010–2013, Uranium One acquired Mantra Resources, the developer of Mkuju River mine in Tanzania. The Mkuju River project was suspended in 2017 due to the low uranium price.
{{cite news
| work= World Nuclear News
| url = http://www.world-nuclear-news.org/Articles/Uranium-One-applies-to-suspend-Mkuju-River-project
| title = Uranium One applies to suspend Mkuju River project
| date = July 10, 2017
| access-date= November 12, 2018}}
In 2015, Uranium One Australia, the owner of the Uranium One's Australian operations, including the Honeymoon Uranium Project, was sold to Boss Resources.
{{cite news
| work = World Nuclear News
| url = http://www.world-nuclear-news.org/C-Russia-sells-Australian-mining-arm-to-Boss-Resources-01091501.html
| title = Russia sells Australian mining arm to Boss Resources
| date = September 1, 2015
| access-date= November 12, 2018}}
{{cite news
| newspaper = Kommersant
| url = https://www.kommersant.ru/doc/2801246
| title = Uranium One покидает Австралию
| trans-title = Uranium One leaves Australia
| first = Anatoly | last = Dzhumaylo
| date = September 2, 2015
| access-date= August 14, 2021
| language = ru}}
In August 2018, Uranium One closed its Willow Creek mine in Wyoming.
{{cite news
| work = Nuclear Engineering International
| url = https://www.neimagazine.com/news/newsuranium-one-mothballs-us-mine-6715119
| title = Uranium One mothballs US mine
| date = August 21, 2018
| access-date= November 12, 2018}}
In 2017, Uranium One Trading A. started its trading company. G in Zug, Switzerland. The company aims to increase its share in the international market by carrying out spot and medium-term trading in natural uranium.
At the end of 2019, Uranium One's mineral resource base is estimated at 512.7 thousand tons. Uranium production for the year amounted to 4,6 tonnes.{{Cite web|title=Index of /go/rosatom/go_rosatom_2019|url=https://report.rosatom.ru/go/rosatom/go_rosatom_2019/|access-date=2021-12-07|website=report.rosatom.ru}}
In 2019, Uranium One's operations were transferred to TENEX (a global brand of TENEX).{{Cite web|date=2019-02-14|title=АРМЗ в 2019г ликвидирует СП по продаже урана с U1 в рамках его перехода под управление Tenex|url=https://www.atomic-energy.ru/news/2019/02/14/92555|access-date=2021-12-07|website=Атомная энергия 2.0|language=ru}}
In the reporting year, the mineral resource base of Uranium One's enterprises according to international reporting standards was 192 thousand tons (197.1 thousand tons in 2018).{{Cite web|title=Росатом в 2019 г сохранил объемы добычи урана на уровне 7 млн тонн {{!}} MQL-разработка|url=https://mql.su/2020/05/rosatom-v-2019-g-sohranil-obemy-dobychi-yrana-na-yrovne-7-mln-tonn/|access-date=2021-12-07|language=ru-RU}}
In 2020, Uranium One made its first shipment of wood pellets to a customer in Italy. More than 3 thousand tons of products were delivered by sea.{{Cite web|title=Uranium One выходит на рынок биотоплива Италии|url=https://polit.ru/article/2020/11/16/uranium_one_rel/|access-date=2021-11-23|website=polit.ru}}
Operations
Through its subsidiaries and joint ventures Uranium One owns Akdala, South Inkai, Karatau, Akbastau and Kharasan uranium mines in Kazakhstan, the conserved Willow Creek uranium mine in the United States, and the Mkuju River uranium project in Tanzania.{{Cite web|title=Focus: Tanzania / Mkuju River uranium Project|url=https://uranium-network.org/current-projects/mkuju-river-uranium-project/|access-date=2021-07-18|work=Uranium Network}} In Namibia, Uranium One Headspring Pty., a subsidiary of Uranium One, is conducting exploration work. Exploration and pilot works are planned until 2027.{{cn|date=August 2021}}
In 2020, Uranium One sold {{convert|11.8|e6lb|tonne}} of triuranium octoxide (U3O8).
{{cite news
| work = Kitco News
| url = https://www.kitco.com/news/2021-02-17/Uranium-One-reports-7-production-decline-in-2020.html
| title = Uranium One reports 7% production decline in 2020
| first = Vladimir | last = Basov
| date = February 17, 2021
| access-date= August 14, 2021}}
Uranium One is considering lithium mining projects in Chile, Argentina, and Bolivia.
{{cite news
| newspaper = Kommersant
| url = https://www.kommersant.ru/doc/4919729
| title = "Росатом" аккумулирует литий
| trans-title = Rosatom accumulates lithium
| first = Polina | last = Smertina
| date = July 29, 2021
| access-date= August 14, 2021
| language = ru}}
{{cite news
| work = S&P Global
| url = https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/russia-s-uranium-one-aims-to-capture-10-of-global-lithium-market-by-2030-60338014
| title = Russia's Uranium One aims to capture 10% of global lithium market by 2030
| first = Toby | last = Woodall
| date = September 16, 2020
| access-date= August 14, 2021}}
In 2020, Uranium One started to supply wood pellets produced in Russia.{{Cite news|title=Russian Uranium One enters Italian biofuel market|url=https://neftegazru.com/news/altenergy/639951-russian-uranium-one-enters-italian-biofuel-market/|date=November 16, 2020|access-date=August 12, 2021|website=NeftegazRU.com}}
In June 2023, Bolivia signed an agreement with Rosatom through its Uranium One Group to develop its lithium reserves, which are the largest in the world. Uranium One will invest $600 million in the project and conduct the feasibility and pre-investment studies.{{cite news |title=Bolivia seals $1.4 billion lithium deals with Russia's Rosatom, China's Guoan |url=https://www.msn.com/en-us/money/companies/bolivia-seals-14-billion-lithium-deals-with-russias-rosatom-chinas-guoan/ar-AA1ddmhe |access-date=1 July 2023 |work=www.msn.com |agency=Reuters |date=30 June 2023}}
Ownership
Uranium One Inc. is an indirect subsidiary of the Russian state-owned nuclear corporation Rosatom. It is directly owned by the Amsterdam-based Uranium One Holding N.V. (89.07%) and Moscow-based Uranium One Group (former name: Uranium Mining Company; 10.93%). Uranium One Holding is wholly owned by Uranium One Group. Uranium One Group is owned by Rosatom direct subsidiaries Atomenergoprom (71.084%) and ARMZ (28.916%).
{{cite web
| work = Uranium One
| url = https://adamswebsearch2.nrc.gov/webSearch2/main.jsp?AccessionNumber=ML16299A040
| title = Uranium One letter to the U.S. Nuclear Regulatory Commission
| date = September 14, 2016
| access-date= November 12, 2018
| format = PDF}}
Uranium One Group is managed by Techsnabexport.
{{cite news
| newspaper = Kommersant
| url = https://www.kommersant.ru/doc/4816761
| title = Плавный рост цен сохранится на длительную перспективу
| trans-title = Smooth price growth continues for the long term
| first = Polina | last = Smertina
| date = June 4, 2021
| access-date= August 14, 2021
| language = ru}}
Uranium One controversy
{{Main|Uranium One controversy}}
A conspiracy theory launched during the 2016 presidential election campaign accused Bill Clinton, the Clinton Foundation, Hillary Clinton, the Obama administration, high level officials in Russia, the State Department, Uranium One, and the FBI of allegedly compromising national-security interests, bribery, and suppressing evidence.{{cite web|url=https://www.vox.com/2017/11/17/16658080/uranium-one-clinton-russia-chart |title=This simple chart debunks the conspiracy theory that Hillary Clinton sold uranium to Russia|first=Alvin|last=Chang|work=Vox|date=November 17, 2017|access-date=November 7, 2018}}{{cite web|url=https://www.politifact.com/truth-o-meter/article/2017/oct/24/what-you-need-know-about-hillary-clinton-and-urani/ |title=What you need to know about Hillary Clinton, Russia, and uranium|first1=Louis|last1=Jacobson|last2=Kruzel|first2=John|work=Vox|date=October 24, 2017|access-date=November 7, 2018}}{{cite web|url=https://www.bloomberg.com/opinion/articles/2017-11-14/clinton-uranium-scandal-doesn-t-have-much-fuel|title=Clinton Uranium 'Scandal' Doesn't Have Much Fuel|first=Tobin|last=Harshaw|work=Bloomberg|date=November 14, 2017|access-date=November 7, 2018}} All parties have denied the accusations, and no evidence of wrongdoing has been found after five years of allegations, an FBI investigation, a House Intelligence Committee inquiry, and the 2017 appointment by the Justice Department of the U.S. Attorney in Utah, John Huber, to evaluate the FBI investigation.{{Cite news|url=https://www.businessinsider.com/republicans-trump-uramium-one-deal-hillary-clinton-2017-10|title=Mueller's charges have Republicans freaking out over a report tying Hillary Clinton to a Russian uranium deal|last=Maxwell|first=Tani|date=2017-10-28|work=Business Insider|access-date=2018-07-29}}{{Cite news|last1=Barrett|first1=Devlin|last2=Zapotosky|first2=Matt|url=https://www.washingtonpost.com/national-security/justice-dept-winds-down-clinton-related-inquiry-once-championed-by-trump-it-found-nothing-of-consequence/2020/01/09/ca83932e-32f9-11ea-a053-dc6d944ba776_story.html|title=Justice Dept. winds down Clinton-related inquiry once championed by Trump. It found nothing of consequence.|date=January 10, 2020|access-date=February 2, 2020|newspaper=The Washington Post}} Huber's inquiry ended in January 2019 without any findings of consequence.
Activities
Uranium exploration and mining
Uranium One is engaged in natural uranium mining, exploration and development of uranium deposits in Kazakhstan, the United States, Tanzania, and Namibia. The company produces about 4,6 thousand tons of natural uranium per year. Uranium One supplies natural uranium to energy companies in Europe, North America, and Asia.
Kazakhstan
Uranium One is a participant in six joint uranium mines with NAC Kazatomprom, the national nuclear corporation of Kazakhstan: Akdala, South Inkai, Karatau, Akbastau, Zarechnoye and Kharasan.{{Cite web|title=Uranium in Kazakhstan {{!}} Nuclear Power in Kazakhstan - World Nuclear Association|url=https://www.world-nuclear.org/information-library/country-profiles/countries-g-n/kazakhstan.aspx#:~:text=Kazakhstan%20has%2012%25%20of%20the,43%25%20of%20the%20world%27s%20uranium.|access-date=2022-01-13|website=www.world-nuclear.org}}
See also
{{Portal|Russia|Energy|Nuclear technology|Companies}}
{{clear}}
References
{{Reflist}}
External links
- [https://uranium1.com/ Official web site]
- [http://www.sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00005203 SEDAR company profile ]
{{Rosatom}}
Category:Uranium mining companies of Canada
Category:Companies based in Toronto
Category:Energy companies established in 1997
Category:Non-renewable resource companies established in 1997
Category:1997 establishments in Ontario
Category:Companies formerly listed on the Toronto Stock Exchange