Global miner Rio Tinto says it will sell its entire stake in Rossing Uranium to China National Uranium Corp for up to $106.5 million.
Global miner Rio Tinto says it will sell its entire stake in Rossing Uranium to China National Uranium Corporation for up to $106.5 million.
The sale of the 68.62 per cent stake in Rossing Uranium, which owns the Rossing mine in Namibia, ends a period of extensive strategic assessment, the miner said in a statement.
The deal is subject to certain conditions, including approval by the Namibian Competition Commission.
The total consideration comprises an initial cash payment of $6.5 million, payable at completion, and a contingent payment of up to $100 million following completion.
The contingent payment is linked to uranium spot prices and Rossing’s net income during the next seven calendar years.