Uranium One Inc.

Uranium One is one of the world’s largest independent uranium producers. Its core operations are in Kazakhstan, while it has small-scale exploration and development properties in Australia and the US.

The company’s Kazakh assets enjoy low costs (operating costs under $20/lb) and have a long life. Uranium One’s mid-cycle production is estimated at 22 mln lb of uranium.

In December 2010, Russian state-owned ARMZ completed the acquisition of a 51.4% stake in Uranium One in exchange for stakes in the Akbastau and Zarechnoye uranium mines in Kazakhstan and $610 mln in cash.

ARMZ’s strategy as Uranium One’s controlling shareholder is geared toward M&A. ARMZ recently made a bid to acquire Australian Mantra, which would be expected to be transferred to Uranium One upon completion of the deal.