Vivien Diniz reports that U.S. uranium producer, Energy Fuels, has acquired Mestena Uranium, a well-known, private uranium producer that holds the Alta Mesa ISR project in Texas. To facilitate the transaction, which is expected to close on May 4 of this year, Energy Fuels will issue roughly 4.5 million shares to the current owners of Mestena.
For investors unfamiliar with the Mestena Alta Mesa project, it is a fully permitted and constructed ISR operation, complete with processing facility, and a well-established track record of lower-cost uranium production. Alta Mesa brings with it a large land package of 195,501 contiguous acres, including 4,575 acres currently under a lease and mining permit. The remaining 190,926 acres are under a lease option and exploration or testing permits.
Between October 2005 and November 2013, Alta Mesa produced a total of 4.6 million pounds of uranium. As a past-producing mine, Alta Mesa is currently on standby, and is ready to be restarted once the uranium market starts moving in a more positive direction.
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