Argentinian uranium miner eyes a UK flotation

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The Independent Online

An Argentinian mining company that hunts for uranium wants to join the Alternative Investment Market despite the presence of Falkland Islands-focused oil & gas groups on the junior stock exchange.

UrAmerica has exploration licences in the Central Plateau Province of Chubut, a flat and arid region 1,300km south-west of Buenos Aires, where the company is based. Although the company works so far from the UK, Aim has long been viewed as one of the best markets for natural resources companies to secure investment for exploration and production.

Omar Adra, Ur America's chief executive, said: "We're first of all thinking of London as the place to list. We will talk about going public between September and December, although it will depend on how the market is at the time."

However, any listing will depend on whether Cameco, the Canadian uranium giant with which UrAmerica has forged an alliance, exercises options that would help fund the company. Then UrAmerica would not need the extra cash that a listing would raise.

The plans come as tensions between Argentina and the UK over the Falklands are at their greatest since the war in 1982. In recent years, British firms have started exploring for oil near the Falklands, angering Argentinians who still believe the Malvinas belong to them. One of them is Rockhopper, an Aim company valued at more than £450m.