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Russia Poised to Control 50% of U.S. Uranium Output, FT Says

ARMZ, the uranium-mining unit of Rosatom Corp., Russia’s state-owned nuclear-energy company, may soon control as much as half of U.S. uranium production, after U.S. authorities approved its purchase of 51 percent of Canada’s Uranium One Inc., the Financial Times reported.

The purchase of the stake in Uranium One, which owns mines in Wyoming, was approved in October by the Committee on Foreign Investments in the U.S. and last month by the U.S. Nuclear Regulatory Commission, the newspaper said.

Eighty percent of uranium used in the U.S. is imported and Russia is one of the biggest suppliers; the uranium price has risen from $40 to $60 a pound since the summer, the FT said.

To contact the reporter on this story: Alan Purkiss in London on apurkiss@bloomberg.net.

To contact the editor responsible for this story: Colin Keatinge in London at ckeatinge@bloomberg.net.

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