A letter of intent has been entered into between Rio Algom (TSE) and Kerr-McGee Corp. of the United States whereby Rio Algom will acquire uranium properties owned by Kerr-McGee in Wyoming and all the issued and outsta nding shares of a wholly-owned Kerr- McGee subsidiary, Quivira Mining. Purchase price is $28.5 million(US).
Quivira mines uranium from property near Grants, NM. No information is being released by Rio Algom regarding the size of the Quivira operations or the amount of reserves being purchased in Wyoming from Kerr- McGee, which has oil interests in addition to its mineral holdings.
Rio Algom mines and processes uranium at Elliot Lake in northern Ontario and in Utah. Other mining activities Rio Algom is involved in include: copper-molybdenum, potash and coal projects.
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