General Development of the Business
The Corporation is the result of a merger between the former Southern Cross Resources Inc. (“Southern Cross”) and Aflease Gold and Uranium Resources Limited of South Africa (subsequently renamed Uranium One Africa Limited), which was completed in December 2005. The Corporation subsequently expanded through the acquisition of UrAsia Energy Ltd. (“UrAsia”) in April 2007, the acquisition of Energy Metals Corporation (“EMC”) in August 2007, the acquisition of a 50% participating interest in the Karatau mine in December 2009, the acquisition of the Willow Creek mine and related properties in January 2010, the acquisition of a 50% interest in the Akbastau mine and a 49.67% interest in the Zarechnoye mine in December 2010, and the acquisition of a minority interest in a company which indirectly owns the Mkuju River project in March 2012.
On January 14, 2013 Uranium One entered into a definitive agreement with JSC Atomredmetzoloto and its affiliate, Effective Energy N.V., under which Uranium One would be taken private. The transaction closed on October 18, 2013, consequently, Uranium One Holding N.V. (formerly Effective Energy N.V.), an affiliate of JSC Atomredmetzoloto (“ARMZ”) currently own 100% of Uranium One.