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Nufcor Posted: Wed, 07 May 2008 [miningmx.com] -- U.S.-based utility Constellation Energy is poised to buy uranium marketing firm Nufcor International from its South African owners Rand Merchant Bank (RMB) and AngloGold Ashanti, Reuters reported sources close to the deal as saying. As one of the leading nuclear power plant owners in the United States, Constellation's acquisition is significant as it could trigger a trend where utilities start to trade uranium as a commodity, the newswire said. "The deal is expected to be concluded by the end of May," one uranium trader said this week. Constellation's two owners said in October last year they were considering the sale of their stakes of London-based Nufcor International, a marketing agent for uranium from South Africa. Constellation Energy Group Inc. runs the Calvert Cliffs nuclear power station in the U.S. and operates a total of five reactors, and a Nufcor deal would secure uranium supplies. "Nufcor has exclusive rights marketing certain material, from certain producers ... and with that they will get a flow of uranium," said another uranium trader closely following the deal. RMB, the investment banking unit of South African financial group FirstRand Ltd , AngloGold Ashanti and Constellation Energy declined to comment.
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