A company that wants to mine uranium in the Black Hills has announced plans for a merger.
Powertech Uranium Corporation, a Canadian firm, plans to join with a Hong Kong based company Azarga Resources Limited to become Azarga Uranium.
Powertech CEO John Mays says his company has holdings in Colorado, Wyoming and South Dakota while Azarga has holdings in the Kyrgyz Republic and Turkey.
Mays the proposed merger diversifies the company and increases its holdings to countries around the world.
“When you bring all this together we have a much larger base of resources and projects to develop and it really makes a very positive story for the company. Because you just have so much more to offer as a company in terms of production capability for the overall corporation,” says Mays
The merger is pending approval of regulatory entities including the Toronto Stock Exchange. Company officials anticipate the transaction to be complete by the end of this month.
Critics of Powertech claim it’s a foreign owned company that should not be allowed to gamble long term radioactive damage of local water resources and the environment in order to mine uranium.
