On October 12, 2022, Uranium Energy Corp announced that it had entered into a definitive agreement with Rio Tinto plc in which Uranium Energy will acquire 100% of Rio Tinto's wholly-owned Roughrider uranium development project located in the Athabasca Basin in Saskatchewan. Upon the closing of this transaction, Rio Tinto will receive US$150 million comprised of US$80 million in cash and US$70 million in UEC Stock. With this sale, Uranium Energy will accelerate the production plans for their Canadian high-grade conventional business given the advanced stage of Roughrider and the ESG, geotechnical and permitting work completed by Rio Tinto.
Rio Tinto is a leading global mining group that focuses on finding, mining and processing the Earth's mineral resources.
Uranium Energy Corp. is the fastest growing supplier of the fuel for green energy transition to a low carbon future.
Osler, Hoskin & Harcourt LLP advised Rio Tinto with a team consisting of Alan Hutchison, Ian Morrison and Minji Park (Corporate).