| |
AngloGold sells Nufcor stake
Allan Seccombe
Posted: Tue, 01 Jul 2008
[miningmx.com] -- ANGLOGOLD Ashanti and FirstRand International have sold uranium trading company Nufcor International Ltd (NIL) to Constellation Energy Commodities Group.
No price for the transaction was disclosed. AngloGold and FirstRand each owned 50% of the business.
"The sale will enable NIL to capitalise on its strong presence in the physical uranium market, by exploring new risk management offerings to uranium buyers in the USA, Europe and Asia, markets where Constellation already has a strong commodities presence," AngloGold said in a statement.
The UK-registered NIL no longer formed part of AngloGold's core business, said company spokeswoman Joanne Jones, adding that the gold company would still utilise the services of NIL for the uranium it generates as a by product on its South African mines.
New AngloGold CEO Mark Cutifani has embarked on a spring clean of the company's assets.
The company should know by the end of the year what its asset portfolio will look like.
Uranium will very much be a feature of AngloGold, which has plans to double production over the next five years to around two million pounds.
"This is very much a sellers' market at the moment for uranium. We continue to have contractual
relationships with customers. NIL continues to perform the same function, an agency for uranium sales, for us as it did previously," Jones said. "We didn't believe it had to be in our ownership to do that."
| |
0% 
