World Wide exits uranium business

World Wide Minerals (WWS-T) has sold its quarter-stake in WM Mining International (WMMI) to WM Mining, a private, Denver, Colo.-based firm.

World Wide formed WMMI in mid-1999 to hold its uranium assets not situated in Kazakstan. The move allowed it to pursue a lawsuit against the Kazakstani government, the state-owned uranium company Kazatomprom, and U.S.-based uranium-dealer Nukem. World Wide is seeking US$300 million in compensation, alleging that the government’s cancellation of its management contracts and exploration projects is illegal. Filings by all parties in connection with a challenge by the defendants against the jurisdiction of the U.S. Court are nearing completion.

WMMI’s main asset is the suspended Dornod open-pit uranium mine in Mongolia. It was WM Mining that sold the project to World Wide.

World Wide says it is seeking opportunities in recycling or Internet-related businesses but that it will not rule out new mining ventures. For example, the company recently acquired majority interests in two gold projects in China (T.N.M., Dec. 27/99).

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