Energy metals exploration and development company Uranium Resources (URI) has closed the sale of its Churchrock and Crownpoint properties in New Mexico to Laramide Resources for $12.5 million.
URI Chief Executive Officer Christopher M. Jones said the transaction took over a year to complete and included approval from the US Nuclear Regulatory Commission to transfer material licenses for the properties to Laramide.
“The sale of our Churchrock and Crownpoint properties to Laramide represents URI’s third asset monetarisation transaction in the last three years. We remain focused on improving the alignment of our uranium portfolio with our production experience and expertise in in-situ recovery of uranium, targeting operation that fit into the lowest quartile of operating costs,” Mr Jones remarked.
“We will use the proceeds received from this sale to fund the expansion of our energy metals strategy, which includes developing our new lithium business, while maintaining optionality on the future rising uranium price.”
URI’s uranium assets are led by the long-life, low-holding-cost Temrezli in-situ recovery (ISR) uranium project in Central Turkey, which will be advanced when uranium prices permit economic development of this project.
In Texas, the Company has two licensed and currently idled processing facilities and several promising projects in the South Texas Uranium Province. URI controls one of the largest uranium mineralisation bases in the USA.
Incorporated in 1977, the Company has produced over eight million pounds of uranium from its Texas projects.