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SXR Uranium Agrees to Buy UrAsia for $3.1 Billion
By Carli Lourens and Angela Macdonald-Smith
Feb. 12 (Bloomberg) -- SXR Uranium One Inc. agreed to buy UrAsia Energy Ltd. for $3.1 billion, seeking to form the world's second-largest uranium producer as rising demand for nuclear fuel drives prices to records.
SXR, owner of South Africa's largest undeveloped uranium deposit, offered C$7.05 ($6.01) a share in stock for Vancouver- based UrAsia, which owns uranium mines in Central Asia. That's 13 percent more than UrAsia's Feb. 9 closing price in Toronto, the companies said today. SXR's stock rose 9.4 percent to a record.
The combined company, to be known as Uranium One Inc., will be the only producer in Kazakhstan, South Africa, Australia, the U.S. and Canada, the five largest holders of uranium deposits. Uranium prices jumped more than 10-fold in the past five years as demand from utilities surged and stockpiles fell, prompting increased exploration and mine development.
``Every analyst, every commentator is talking about uranium and the need for nuclear energy,'' David Shapiro, a fund manager at Johannesburg-based Sasfin Holdings Ltd., said in a telephone interview. ``As long as that's the case, we're going to see this kind of feeding frenzy.''
Shares of Toronto-based SXR climbed 9 rand to 105 rand at 12:31 p.m. in Johannesburg, valuing the company at 14.2 billion rand ($1.97 billion). The stock has more than doubled in the past year. UrAsia's stock jumped 13 percent to 299.5 pence at 10:04 a.m. in London.
Nuclear Industry
The price of uranium has doubled to $75 a pound in the past year as supply growth strains to keep up with demand from utilities. Demand for nuclear energy is bolstered by government efforts under the Kyoto Accord to limit emissions of carbon dioxide and curb imports of fossil fuels.
Australia, home to 40 percent of the world's known uranium deposits, says it may build a nuclear industry that can compete with oil and coal within 15 years. Russia plans to make nuclear power the source of 25 percent of its needs by 2030, from 16 percent now, creating a state-run company to compete with Paris- based Areva SA.
Uranium One will have a market value of about $5 billion, making it the world's second-biggest uranium producer, behind Cameco Corp., which is valued at C$15.4 billion.
``This deal is turning SXR into one of the biggest uranium companies in the world,'' Nick Goodwin, an analyst at Johannesburg-based Tlotlisa Securties Ltd., said in an interview. The combined company will have a total resource of about 400 million pounds of uranium, he added.
Total Resource
Uranium One will have estimated production of more than 7 million pounds of uranium in 2008 from five projects, at cash costs of about $10-$12 per pound, SXR's executive vice president for Australia and Asia, Greg Cochran, told reporters in Sydney.
``The new Uranium One will be an exciting, low-cost, growth- orientated uranium company with five mines in operation by the first quarter of 2008,'' SXR Chief Executive Officer Neal Froneman said in the statement.
By 2012, the company will produce ``upwards of between 12 and 15 million pounds per annum,'' making the company the second- largest producer behind Cameco, Cochran said.
UrAsia mines 1.8 million pounds of uranium in Kazakhstan a year. The company listed its shares on the London Stock Exchange's Alternative Investment Market in August, adding to its main listing in Canada. The company has three mining and exploration projects in Kazakhstan and a fourth exploration venture in Kyrgyzstan, it said Aug. 21.
Less Risky
``For UrAsia, the deal means getting into a less risky environment,'' Steve Meintjes, a mining analyst at Imara SP Reid in Johannesburg, said in a telephone interview. Shareholders of SXR, whose projects are in South Africa, Australia and the U.S., will need to be assured that minerals rights are secure in Kazakhstan, Meintjes said.
SXR planned to acquire assets in North America, southern Africa or Australia by the end of March, Froneman said.
Uranium One will consider listing shares in other countries, including the U.S. and Australia, Cochran said.
Rio Tinto Group last month decided against selling its Sweetwater uranium mill and Green Mountain deposit in Wyoming to SXR.
SXR's first mine, the Dominion project northwest of Johannesburg, is due to start production before the end of March. Last month, the company was awarded a permit to export uranium from its Honeymoon project in Australia, which is set to become the country's fourth operating mine.
SXR Uranium is being advised by BMO Capital Markets, while UrAsia is being advised by Endeavour Financial International Corp., Canaccord Adams Ltd. and Paradigm Capital Inc.
UrAsia shareholders will receive 0.45 SXR shares for each issued share of UrAsia, the companies said.
To contact the reporter on this story: Angela Macdonald-Smith in Sydney at amacdonaldsm@bloomberg.net ; Carli Lourens in Johannesburg clourens@bloomberg.net
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