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HomeAfricaNamibian uranium firm, UraMin Inc. gearing up for sale

Namibian uranium firm, UraMin Inc. gearing up for sale

London and Toronto listed Namibian uranium miner, UraMin Inc. said Monday it was in talks about a possible sale of the company but declined to assure its investors whether the negotiations will be successful.

News of the potential sale out of the uranium firm, which has its prime projects in Namibia, Central African Republic (CAR), South Africa and lately Niger, drove its shares on the Toronto Stock Exchange up by more than 10 percent.

UraMin Inc. said in a brief statement availed to PANA here that it is “in negotiations with respect to a potential sale of the company”.

UraMin has three projects which are due to start production by the end of 2009 and said recently it planned to be the world’s number four uranium producer in four years’ time.

The uranium firm currently has a market capitalization of approximately US$1.9 billion on an undiluted basis.

UraMin is currently focusing on the development of its advanced stage exploration projects at Trekkopje in Namibia, Bakouma in the Central African Republic (CAR) and Ryst Kuil in South Africa.

Trekkopje is UraMin’s most advanced project, offering near term production capability, officials said.

UraMin said it would start commercially mining the Trekkopje uranium deposit in 2008, heralding a third uranium mine for Namibia in the sector, which is ushering a new wave of investment and economic development.

Reports in May said that China National Nuclear Corporation (CNNC) was in talks with UraMin for either a takeover or a joint uranium venture in Africa.

The Chinese firm, CNNC, has been shopping for uranium amid reports of a looming shortage of the highly prized mineral in China.

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