After previously confirming an exclusivity deal with the seller, Thor Mining has completed its acquisition of American Vanadium (AVU), including its Colorado and Utah projects in the United States.
Thor now owns 100% of the shares in the private Australian company, which in turn owned 100% each of Standard Minerals in Colorado and Cisco Minerals in Utah.
The company said 1 June it had inked an option agreement to acquire AVU pending due diligence.
“Thor has a well-balanced portfolio of very attractive assets with copper, gold, tungsten and now uranium and vanadium,” Mick Billing, executive chairman of Thor Mining, said.
The miner said that power from nuclear reactors accounted for 20% of U.S. domestic power requirements in 2019; globally, it supplies about 10% of demand. A total of 53 new nuclear reactors are under construction globally, and approximately 300 additionally have been proposed.