Canadian mining company Uranium One has announced that its 51% shareholder, JSC Atomredmetzoloto (ARMZ), has completed the acquisition of Mantra Resources (Mantra).
Uranium One has now become the operator of Mantra's Mkuju River Project in Tanzania pursuant to agreements entered into with ARMZ.
The Mkuju River Project is to be completed in accordance with a revised feasibility study, which is scheduled for completion in the first quarter of 2012.
Uranium One will provide finance to fund the development of the Mkuju River Project and other Mantra exploration activities, following an agreement between Uranium One and Mantra.
Prior to completion of the revised feasibility study, work at Mkuju River will be funded from Mantra's existing cash balance and from cash flow from Uranium One's Kazakhstan operations.