Constellation Energy’s
corporate headquarters
in the United States
Baltimore, USA — MININGREVIEW.COM — 02 July 2008 – Leading international gold producer AngloGold Ashanti Limited and FirstRand International Limited have sold their respective 50% stakes in Nufcor International Limited – the sole marketing agent for all uranium produced in the South Africa – to the U.S.-based Constellation Energy commodities group.

A news release issued here explained that Constellation Energy – a company with 2007 revenues of US$21 billion (R170 billion) – was the nation’s largest competitive supplier of electricity to large commercial and industrial customers, and the nation’s largest wholesale power seller.

It added that Nufcor International was a joint venture between AngloGold and banking group FirstRand, and was also the sole marketing agent for all uranium from South African miners and Canadian miner Uranium One. Constellation Energy’s subsidiary, Constellation Energy Commodities Group Limited, now owns 100 % of the shares of Nufcor.

RMB – an associate of banking group FirstRand – said it had sold its stake as Nufcor was not part of its core business, while AngloGold said it would still receive the services of Nufcor through an agency agreement.

Reuters reports that the firms did not disclose financial details of the deal.

As one of the leading nuclear power plant owners in the United States, Constellation’s acquisition is significant as it could trigger a trend where utilities start to trade uranium as a commodity, analysts have said.

Nufcor International is the marketing agent for uranium from South Africa, through an agreement with AngloGold’s fully-owned uranium unit, Nuclear Fuels Corporation of South Africa. The Nufcor team will continue to operate out of London, moving to Constellation Energy’s Aldwych offices in early July.