CNNC International Ltd, the listed unit of China's largest nuclear power plants operator China National Nuclear Corp (CNNC), said on January 25th it would buy a stake in a uranium mine in Niger from its parent for HK$414 million ($53.3 million), and fund the deal by issuing convertible notes.
The company will acquire Ideal Mining Ltd from its parent CNNC. Ideal Mining holds a 37.2 percent stake in the Azelik uranium mine in Niger, it said in a statement to the Hong Kong bourse on January 25th.
The Azelik mine comprises three uranium deposits and has an estimated mine life of 17 years. It is estimated that the mine contains resources of around 11,227 tons of uranium, said the statement.
Production is expected to start in the second half of this year with an estimated annual production capacity of around 700 tons when complete, it said.
Source: China Daily