This Uranium deal could add $100,000,000...This Uranium deal could add $100,000,000 to MPM's market cap according to an industry expert I spoke to recently. MPM issued a press release on January 25, 2005 announcing that it had entered into an agreement to acquire 100% of the outstanding common shares of Uranium Minerals Ventures Inc. ("UMVI"). UMVI’s principal asset is an option to acquire from Afmeco Mining and Exploration Pty Ltd. a 100% interest in the Ben Lomond uranium deposit located in North Queensland, Australia. At US$20 a pound for U3O8 and US$30 a pound for Molybdenum the in-ground value of the combined metals is over US$400 million. The acquisition is expected to close in late February to early March.
go to press release: Maple Minerals Agrees to Acquire UMVI and Ben Lomond Uranium Deposit: https://www.mapleminerals.com/database/05-01-25.pdf
Australia is the world's largest source of uranium, with 28 per cent of global known recoverable resources. The uranium sector has been one of the strongest-performing sectors in the marketplace but until recently companies with Australian uranium assets have been laggards within this peer group. Xstrata PLC's US$6.5-billion hostile takeover bid for WMC Resources Ltd. and its world-class Olympic Dam copper-uranium deposit has sparked renewed awareness. This increased interest in Australian uranium assets is also based on changing investor perceptions with respect to the risks associated with government policies and permitting issues that would apply to any prospective new uranium project.