Belgian fuel cycle company Synatom is to invest C$9 million ($8.9 million) in Canada-based Powertech, securing rights to purchase uranium from Powertech should it go into production at its US uranium sites. The private placement agreement would see Synatom increase its holding in Powertech from a current 9.9% of outstanding shares to approximately 33.9%. Powertech has a variety of uranium holdings in the western USA, all amenable to in-situ leach recovery methods. Of its four active uranium projects it describes two - Centennial in Colorado and Dewey-Burdock in South Dakota – as "near term". Powertech says it will use the proceeds of the private placement as working capital and to advance its properties towards production. Synatom, a subsidiary of Electrabel, manages the fuel cycle for Belgium's seven nuclear power units, which provided 54% of the country's electricity in 2006. Synatom CEO Robert Leclere described the investment as "consistent with Synatom's strategy to focus on the development of promising near-term production projects."
Synatom doubles investment in uranium company
Belgian fuel cycle company Synatom is to invest C$9 million ($8.9 million) in Canada-based Powertech, securing rights to purchase uranium from Powertech should it go into production at its US uranium sites. The private placement agreement would see Synatom increase its holding in Powertech from a current 9.9% of outstanding shares to approximately 33.9%. Powertech has a variety of uranium holdings in the western USA, all amenable to in-situ leach recovery methods. Of its four active uranium projects it describes two - Centennial in Colorado and Dewey-Burdock in South Dakota – as "near term". Powertech says it will use the proceeds of the private placement as working capital and to advance its properties towards production. Synatom, a subsidiary of Electrabel, manages the fuel cycle for Belgium's seven nuclear power units, which provided 54% of the country's electricity in 2006. Synatom CEO Robert Leclere described the investment as "consistent with Synatom's strategy to focus on the development of promising near-term production projects."
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