A Canadian junior pursuing development of uranium and vanadium assets in Utah and Colorado in the US has agreed to pay up to US$10 million for a Wyoming engineering and geological consulting firm led by 50-year industry veteran, Doug Beahm, who has been the company’s chief operating officer since April last year.
Anfield Energy appointed Beahm to the role after he had worked on various Anfield projects in advisory roles for more than a decade.
Beahm founded BRS Inc in 1986 and has worked in coal, precious metals and uranium in the US since 1974. Anfield is paying $5 million upfront for BRS and up to $5 million in further staged cash payments.
Listed on the Toronto and Nasdaq stock exchanges, Anfield has a current market value of about C$105 million.
Last month it ordered eight custom-built underground haul trucks from Utah-based Young’s Machine Company, due for delivery from the second quarter next year, as it seeks to scale production from its Velvet-Wood uranium-vanadium mine in southeastern Utah to feed the nearby restarted Shootaring Canyon mill. Anfield believes it can produce up to three million pounds of uranium a year from the mill.
“For years BRS has been instrumental in validating and advancing our portfolio through independent technical engineering work,” CEO Corey Dias said.
“By bringing this world-class expertise fully in-house we streamline project execution, reduce third-party costs and accelerate our path to uranium production.
“Further, this acquisition provides BRS with an opportunity to expand its external engineering consulting business offering with the support of a publicly-traded company.”
