Uranium One’s background story

JOAN HART
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JOAN HART

Here is another column on current events for those of you who have been asking.  This one is not so much partisan as it is informative, I hope. The current news stories are so complicated and tangled that we need a guide to enable us to connect the dots regardless of our political leanings, so I am trying to condense it into a more readable format for you.

Uranium One is a Canada-based uranium mining company with mines in the U.S.  According to Politifact.com, Frank Giustra, a donor to the Clinton Foundation, sold his company, UrAsia, to Uranium One in 2007 but the shareholders of UrAsia retained a 60% stake in the new company. The combined company kept Uranium One as its name but Toronto as its base.

Uranium One had mines, mills and tracts of land in Wyoming, Utah and other U.S.states equal to about 20% of U.S. uranium production capacity. In 2009 Rosatom, which is Russia’s Atomic Energy Agency, bought a 17% share of Uranium One and in 2010 Rosatom sought to secure enough shares to give it a 51% stake.  In 2013 Russia assumed 100% ownership of Uranium One and renamed the company Uranium One Holding.

CFIUS (pronounced “sifius”) is the acronym for The Committee on Foreign Investment in the United States.  CFIUS is an inter-agency committee of the United States government that reviews financial transactions to determine if they will result in a foreign person controlling a U.S. business. CFIUS specifically focuses on transactions where foreign control will result in a threat to national security. It is chaired by the U.S. Treasury Department, and draws members from notable agencies such as the Department of State and Department of Defense. 

For the complete column, see the Weekend print edition of The Daily Record, or view the e-Edition online.

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