Russia’s state-owned uranium mining company, ARMZ, and Uranium One announced in early March approval by Uranium One minority shareholders of acquisition of full ownership of Uranium One by ARMZ. ARMZ already held a 51.4% interest in Uranium One.

Uranium One is a Canadian-based company headquartered in Toronto whose assets include interests in five in situ leach uranium mines and a development project in Kazakhstan, as well as uranium projects in the United States, Australia and Tanzania. The company had 10.7 million lb of attributable U3O8 production in 2011.

ARMZ and Uranium One expect to complete the transaction in the second quarter of 2013, subject to receipt of the remaining required regulatory approvals. The transaction provides total consideration to Uranium One’s minority shareholders of approximately C$1.3 billion and implies an equity value for Uranium One of approximately C$2.8 billion.