Uranium Energy (UEC.US) rises over 2% in premarket trading after acquiring Wyoming mining assets from Rio Tinto plc Sponsored ADR for $175 million.

Noted, Uranium Energy (UEC.US) rose by 2.3% in pre-market trading on Monday, after the company announced its agreement to acquire Rio Tinto plc Sponsored ADR (RIO.US) uranium production assets in Wyoming for $175 million, including the fully permitted Sweetwater plant and a series of mining projects. At the time of writing, the company's stock is up 2.53%, trading at $5.68. Uranium Energy stated that this deal will allow them to unlock the development potential of their investment portfolio in the Powder River Basin in Wyoming, increase historical resources by 175 million pounds, and create a third U.S. Hub Group, Inc. Class A radiometric production platform in their pure uranium business. Together with Uranium Energy's existing 54,615 acres of mining rights in the Powder River Basin, this acquisition will establish a portfolio of approximately 108,000 acres of mining and exploration prospects. Uranium Energy CEO Amir Adnani said, "These assets will unlock significant value by establishing our third Hub Group, Inc. Class A radiometric production platform and solidifying our position as a leading uranium developer in Wyoming and the United States."