FIRB approves Energy Fuels’ acquisition of Base
US-based Energy Fuels has received written confirmation from the Foreign Investment Review Board(FIRB) that the Australian government has no objections to its proposed merger with ASX- and Aim-listed Base Resources.
This FIRB approval fulfills one of the key conditions for the scheme of arrangement designed to combine Base with Energy Fuels. The only remaining regulatory conditions precedent are approval from the Malagasy Competition Council, which is still under review, and approval by Base’s shareholders and the Federal Court of Australia.
A shareholder vote is scheduled for September 5.
Energy Fuels in April made a move for Base, offering shareholders 0.026 a share plus a dividend of A$0.065 for each share held, for a total consideration of about A$0.302 a share.
The transaction will establish a global leader in the critical minerals sector with a focus on rare earth elements, uranium and heavy mineral sands production.
The deal will also create a platform for the funding and development of Base’s Toliara project in Madagascar, with future monazite production from the project to be processed at Energy Fuels’ operating White Mesa mill in Utah, US.
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