Caixin
Nov 27, 2018 07:06 PM
BUSINESS & TECH

China Chases African Uranium Mine in Nuclear Energy March

Radiation protection officer, Colwyn Hoaeb, with a Thermo Electra radiation contamination monitor which is used to scan flat surfaces for contamination. Photo: Rossing Uranium
Radiation protection officer, Colwyn Hoaeb, with a Thermo Electra radiation contamination monitor which is used to scan flat surfaces for contamination. Photo: Rossing Uranium

China’s leading uranium supplier will buy a majority stake in an African mine from global giant Rio Tinto for up to $106.5 million, as Beijing moves to replace more of its traditional coal-generated power with cleaner sources like nuclear and natural gas.

China National Uranium Corp. Ltd. (CNUC) will purchase Rio’s 68.62% of Rössing Uranium Ltd. for an initial cash payment of $6.5 million, followed by up to $100 million in additional payments based on uranium spot prices and the mine’s performance over the next seven years, Rio said in a statement on Monday. Rössing operates the world’s longest-running open pit mine for uranium, the main material used to generate nuclear power. The mine has been in business since 1976, and has produced the most uranium of any single mine.

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