ARMZ Uranium, a company owned by the Russian state and the fourth-largest producer of uranium in the world, has announced it will acquire Australian rival Mantra Resources for $1.15 billion.

The deal gives ARMZ the Tanzanian assets of Mantra, which according to The Wall Street Journal are a necessary acquisition as part of ARMZ’s ongoing bid to provide low-cost uranium to its Moscow-based parent company, Rosatom, the nuclear regulatory body for the Russian state.

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