Interfax reported that Kazakhstan Industry and New Technologies Ministry has cleared Canada Uranium One (U1) to acquire stakes in Kazakhstan based uranium mines Akbastau and Zarechnoye from Russia Atomredmetzoloto.

ARMZ will swap these assets for shares in the Canadian company and receive a controlling stake in U1. The deal is also subject to regulatory approvals by other countries including Australia and the United States.

ARMZ currently owns 23.1% of U1. U1 shareholders will vote on the takeover at an EGM on August 31st.

ARMZ said in June 2010 that it had agreed a takeover of Uranium One. ARMZ will subscribe to USD 610 million in new U1 shares and contribute 50% of the Kazakhstan based mining joint venture Akbastau and 49.7% of the Zarechnoye joint venture. ARMZ will receive at least 51% of U1 as a result.

Uranium One already owns 70% of the Akdala and South Inkai projects, 50% of Karatau and 30% of Kharasan-1 all in Kazakhstan and assets in the United States, South Africa and Australia.

(Sourced from Interfax)