Uranium One
An international uranium mining, development and trading group controlled by Russia's Rosatom.
Last updated August 31, 2026
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Overview
Uranium One is an international uranium mining, exploration, project-development and trading group associated with Russia's state-owned nuclear corporation Rosatom. Its operating history began in Canada, where Southern Cross Resources Inc. was incorporated in Toronto in 1997 and listed on the Toronto Stock Exchange later that year. The company developed through acquisitions and corporate combinations, notably its 2005 reverse merger with South African Aflease Gold and Uranium Resources Ltd., after which it operated under the SXR Uranium One name and obtained a secondary Johannesburg listing. The former Aflease gold interests were subsequently separated from the uranium business. The company expanded rapidly during the 2000s. In 2007 it acquired UrAsia Energy, gaining important interests in Kazakhstan, including the Akdala and South Inkai uranium mines and an interest in the Kyzylkum venture. It also acquired Energy Metals Corporation, bringing the Hobson uranium processing plant and exploration properties in Texas and Wyoming into its portfolio. Uranium One later sold or transferred several non-core assets, including its Texas operations and the Shootaring uranium mill in Utah. Its asset base increasingly centered on in-situ recovery uranium operations in Kazakhstan and the United States, together with development projects in Tanzania and Australia. Rosatom entered the shareholder structure through its uranium subsidiary Atomredmetzoloto, commonly known as ARMZ. In 2009 ARMZ acquired a significant minority stake in Uranium One in exchange for an interest in the Karatau uranium project. In 2010 Uranium One acquired interests in the Akbastau and Zarechnoye mines from ARMZ, while ARMZ increased its ownership in Uranium One. ARMZ subsequently became the controlling shareholder and completed the acquisition of the remaining shares in January 2013. Uranium One Inc. was delisted from the Toronto and Johannesburg exchanges in October 2013 and became an indirect wholly owned subsidiary of Rosatom. After the change in ownership, Uranium One retained a broad international portfolio. Its assets and joint ventures have included the Akdala, South Inkai, Karatau, Akbastau, Zarechnoye and Kharasan uranium operations in Kazakhstan; the conserved Willow Creek mine and related facilities in Wyoming; the Mkuju River project in Tanzania; and exploration interests in Namibia. The company also acquired Mantra Resources and its Mkuju River project during the 2010–2013 period. Low uranium prices led to the suspension of the Tanzanian project in 2017, and Uranium One closed the Willow Creek mine in 2018. Its Australian subsidiary and the Honeymoon uranium project were sold in 2015. Uranium One's corporate functions and commercial activities have been reorganized within the Rosatom system. Certain finance, internal-audit and technical functions were moved to Moscow in 2015. Uranium One Trading was established in Zug, Switzerland, in 2017 to conduct spot and medium-term natural-uranium trading, although its trading functions were transferred to Rosatom export subsidiary Techsnabexport in 2018. In 2019, operational activities were transferred to the TENEX structure, placing the business within Rosatom's international nuclear-fuel management network. Although uranium remains its core business, the group has explored diversification. It began supplying Russian-produced wood pellets in 2020 and made an initial shipment to an Italian customer. It has also considered lithium projects in Chile, Argentina and Bolivia. In 2023, Uranium One Group and Bolivia signed an agreement concerning lithium-reserve development, including feasibility and pre-investment studies. The group's uranium production and resource figures have varied by reporting perimeter and year, and should not be treated as current operating totals without a specific corporate filing or source date.
History
Uranium One was established as Southern Cross Resources Inc. in Toronto on January 2, 1997, and became publicly traded on the Toronto Stock Exchange in August of that year. Its transformation into a uranium-focused international group accelerated in 2005, when it reverse-merged with South African Aflease Gold and Uranium Resources Ltd. The combined company adopted the SXR Uranium One name and obtained a Johannesburg Stock Exchange listing. Aflease's Dominion uranium mine entered the enlarged portfolio, while its gold properties were progressively divested. Uranium One Africa, the former Aflease subsidiary, was ultimately sold in 2010. The next phase was driven by acquisitions. In 2007 the company purchased UrAsia Energy, obtaining interests in Kazakhstan's Akdala and South Inkai mines and the Kyzylkum joint venture. It also acquired Energy Metals Corporation, including the Hobson processing plant and exploration acreage in Texas and Wyoming. The company bought the Shootaring uranium mill in Utah from the United States Enrichment Corporation in 2009, later selling it to Anfield Energy in 2015. Its Texas processing assets were sold to Uranium Energy Corporation in 2009. Rosatom's ARMZ entered Uranium One's capital in 2009 through a transaction that exchanged a minority shareholding for an interest in the Karatau uranium project. In 2010 Uranium One acquired ARMZ's interests in Kazakhstan's Akbastau and Zarechnoye mines, and ARMZ correspondingly increased its stake to a controlling position. Uranium One also acquired Wyoming assets from an AREVA and Électricité de France joint venture, including the Irigaray processing plant, the Christensen Ranch satellite facility and associated exploration properties. ARMZ completed the purchase of Uranium One's remaining shares in January 2013. The company was removed from the Toronto and Johannesburg exchanges in October 2013 and became an indirect subsidiary of Rosatom. Uranium One later reorganized its administration and commercial functions around the Russian nuclear group's broader structure. Some head-office functions moved to Moscow in 2015, a Swiss trading entity was created in 2017, and trading was transferred to Techsnabexport in 2018. In 2019, operations were transferred to TENEX, another Rosatom-controlled organization. The portfolio has continued to change with uranium prices, project economics and corporate priorities. The Mkuju River project in Tanzania was suspended in 2017 because of weak uranium prices, and the Willow Creek mine in Wyoming was closed in 2018. Uranium One Australia, including the Honeymoon project, was sold in 2015. The group has nevertheless retained or participated in uranium operations in Kazakhstan and exploration in Namibia. It has also entered adjacent commodities and energy products, including Russian wood-pellet exports and lithium development. In 2023, a Bolivia agreement placed Uranium One Group among the companies pursuing development studies for Bolivia's lithium resources.
- 2023
Bolivia lithium agreement
[1]Uranium One Group signed an agreement concerning lithium-resource development in Bolivia.
- 2018
Willow Creek mine closed
[1]The company closed its Willow Creek uranium mine in Wyoming.
- 2017
Swiss trading company created
[1]Uranium One Trading began operations in Zug to pursue international natural-uranium trading.
- 2015
Australian subsidiary sold
[1]Uranium One Australia, including the Honeymoon project, was sold to Boss Resources.
- 2013
Uranium One delisted and integrated into Rosatom
[1]ARMZ acquired the remaining shares, and Uranium One was delisted from Toronto and Johannesburg.
- 2010
ARMZ gains control
[1]Transactions involving Akbastau and Zarechnoye increased ARMZ's ownership to a controlling position.
- 2009
ARMZ becomes a strategic shareholder
[1]Rosatom's ARMZ acquired a minority stake in Uranium One through a transaction involving the Karatau uranium project.
- 2007
Expansion into Kazakhstan
[1]The acquisition of UrAsia Energy added interests in Akdala, South Inkai and the Kyzylkum venture.
- 2005
Reverse merger with Aflease
[1]Southern Cross Resources combined with South African Aflease Gold and Uranium Resources and adopted the SXR Uranium One identity.
- 1997
Southern Cross Resources established and listed
[1]Southern Cross Resources Inc. was established in Toronto and listed on the Toronto Stock Exchange later the same year.
Products and positioning
A state-controlled, internationally active uranium producer and nuclear-fuel supply-chain company operating within the Rosatom and TENEX ecosystem.
Uranium mining
Natural uranium
The group's principal product is natural uranium produced through subsidiaries and joint ventures, particularly in Kazakhstan. Uranium is processed into commercial uranium concentrates, commonly represented as triuranium octoxide (U3O8), for use in the nuclear-fuel supply chain.
Mining projects
Uranium exploration and development
Uranium One develops and explores uranium deposits through projects and subsidiaries in countries including Tanzania, Namibia and the United States. Activities range from geological exploration and pilot work to mine and processing-facility development.
Commodity trading · 2017
Natural-uranium trading
The group has participated in international spot and medium-term trading of natural uranium. A Zug-based trading company was established in 2017, with the trading function later transferred to Techsnabexport within the Rosatom system.
Biomass fuel · 2020
Wood pellets
Uranium One expanded into Russian wood-pellet supply as an adjacent commercial activity. The company reported making an initial maritime shipment to an Italian customer in 2020.
Critical-minerals projects · 2023
Lithium development
Through Uranium One Group, the business has considered lithium opportunities in South America and entered a 2023 agreement with Bolivia concerning studies for development of the country's lithium resources.
Controversies
2016
Uranium One political controversy
During the 2016 U.S. presidential campaign, allegations circulated that the Uranium One acquisition involved bribery, improper influence, compromised national-security interests and suppression of evidence involving Russian officials, the Clinton Foundation, Hillary Clinton, Bill Clinton, the Obama administration and the FBI. The allegations were denied. Subsequent investigations, congressional review and a Justice Department-appointed inquiry did not establish the claimed wrongdoing; the Utah U.S. attorney's review ended in 2019 without consequential findings.
Brand decisions
2023
Entry into Bolivian lithium developmentStrategyBackground
Uranium One Group pursued diversification into critical minerals alongside its uranium business.
Action taken
The group signed an agreement with Bolivia for lithium-reserve development studies.
Aftermath
The agreement placed the project in feasibility and pre-investment stages; a commercial production outcome was not established by the supplied sources.
2017
Creation of Uranium One TradingStrategyBackground
Rosatom's international business required a dedicated platform for natural-uranium commercial activity.
Action taken
Uranium One established a trading company in Zug, Switzerland, focused on spot and medium-term transactions.
Aftermath
The trading mandate was subsequently transferred to Techsnabexport in 2018.
2017
Suspension of Mkuju River developmentStrategyBackground
Weak uranium prices reduced the economic attractiveness of the Tanzanian project.
Action taken
The Mkuju River project was suspended.
Aftermath
The project remained a development asset rather than an operating mine.
2013
Complete acquisition by ARMZM&ABackground
ARMZ had progressively increased its ownership through transactions involving uranium assets and acquired the remaining shares in 2013.
Action taken
Uranium One became an indirect wholly owned subsidiary of Rosatom and was delisted from the Toronto and Johannesburg exchanges.
Aftermath
The company operated as part of the Russian state nuclear corporation's international uranium and nuclear-fuel structure.
Sources1 sources
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