US-based uranium producer enCore Energy said it will sell 30% of its Alta Mesa project in South Texas to Australia’s Boss Energy for $70m (€64.9m).
enCore acquired the Alta Mesa project from Energy Fuels in February 2023. The project has an annual production capacity of 1.5 million pounds of uranium oxide, or U3O8, a uranium compound also known as yellowcake, commonly processed to serve as fuel for nuclear reactors.
Boss Energy will pay $60m in cash, invest $10m into enCore shares at $3.90 per share, and loan the company up to 200,000 pounds of yellowcake for enCore's commercial use over the next year.
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