Evolution Metals announced this week that it has acquired a significant position in UrAmerica, the owner of the largest prospective uranium deposit in Argentina.
UrAmerica controls 59 exploration permits and mining concessions, either wholly-owned or through JV agreements, covering over 221,000 hectares across the central plateau of Argentina’s province of Chubut. These assets include the Central Plateau Project (CPP), which encompasses 145,000 hectares and is the largest and highest grade sedimentary hosted uranium deposit in Argentina.
In a press release, Evolution and UrAmerica said that in-situ resources, including lithium and heavy rare earth elements, have been identified within multiple sites, including the CPP. The companies believe that such resources may be commercially viable and complement uranium operations.
“This is one major step in Evolution’s vertical integration plan for critical metals production,” David Wilcox, Evolution Metals’ chief executive officer, said in the media brief.
“America is mineral insecure and we are doing our part to change that reality. Industry leaders, including Elon Musk, have publicly remarked on the importance of this issue. Evolution and UrAmerica are positioned to have a positive impact on energy transformation materials’ dependencies.”
Wilcox pointed out that the recent transaction represents the first known American investment in Argentina’s nuclear power sector, which has traditionally been dominated by Russia and China.
“The announcement comes only months after a renewed commitment between the government of Argentina and Chinese state-owned China National Nuclear Corporation for the development of the Atucha 3 nuclear power plant in Lima, Argentina,” the release reads.