Chinese investor buys Australian U assets
Uranium exploration company Uranex has signed an agreement to sell 100% of its Australian uranium projects to an unnamed "major Chinese investor" for A$20 million ($21 million). The agreement is subject to due diligence and approvals by shareholders and regulators, but Uranex has already received a non-returnable deposit of A$500,000 ($525,000). The remainder of the cash is to be paid within 90 days. Uranex's Australian uranium assets include Thatcher Soak in Western Australia, with 4900 tonnes of inferred resources, plus exploration assets in Western Australia and the Northern Territories. The Chinese investor will also hold a right of first refusal in respect of any sale of any further tenements in Australia owned or acquired by Uranex. With known domestic uranium resources insufficient to meet the needs of its planned nuclear energy expansion, recent years have seen Chinese companies acting to secure uranium resources overseas.
