First Uranium Says It’s Committed to Gold One Mine Bid

First Uranium Corp. said it’s committed to sell the Ezulwini mine to Gold One International Ltd. after receiving a non-binding expression of interest from Russian billionaire Viktor Vekselberg’s Transalloys (Pty) Ltd.

Shareholders will vote on the sale to Gold One for $70 million on June 13, Toronto-based First Uranium said today in a statement. The company has also agreed to sell its Mine Waste Solutions unit to AngloGold Ashanti Ltd. for $335 million.

Transalloys, a unit of Renova Group, and Waterpan Mining Consortium plan to be “in a position” to make a rival $80 million bid for the Ezulwini gold and uranium mine by Aug. 1, First Uranium said earlier today.

First Uranium said last month that it needs the proceeds from the asset sales to pay off debt. First Uranium has outstanding principal on about C$150-million ($151.7 million) of convertible debentures due June 30.

(Company corrects name of Waterpan in third paragraph.)
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