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Monday, May 25, 2009.

From Creamer Media in Johannesburg, I'm Shannon O'Donnell.

Making headlines today:

TSX- and JSE-listed Uranium One may consider using some of the cash it will raise by selling almost 20% of itself to a Japanese consortium, to buy uranium assets in Africa.

CEO Jean Nortier said that the Vancouver-based uranium miner is looking at a number of potential acquisitions. Uranium One produces the nuclear fuel in Kazakhstan, but also has projects in the pipeline in Australia and the US.

In February, the firm announced it would sell a 19,9% stake to a group comprising Tokyo Electric Power Company, Toshiba Corporation and the Japan Bank for International Cooperation.

Uranium One already had about 200-million-dollars in cash and cash equivalents at the end of the first quarter. It'll receive 270-million-Canadian-dollars when the private placement closes.

South Africa's mining industry has reported more fatal accidents over the weekend, bringing the number of mine deaths to eight in one week.

The gold mining sector accounted for six of the fatal accidents, while two workers were killed in platinum mines.

On Monday, AngloGold Ashanti confirmed that a seismic event at its Savuka mine, near Carletonville, had claimed the life of a pump attendant on Friday.

The company said that emergency response procedures were immediately activated after the seismic event on Friday, and within several hours of the incident being reported, all employees who were underground at the time of the incident were evacuated through the shaft infrastructure at the neighbouring TauTona mine.

The Savuka death was the sixth fatality reported in the South African gold industry in one week, and the third at AngloGold Ashanti.

Also making headlines:

Brazilian miner Vale's decision to slash 2009 investments doesn't surprise markets.
The South African Gold Coin Exchange chief is bullish about the metal's prospects.
Diversified miner Rio Tinto takes its borates business off the market.
And, South African manganese producer Assmang will make further output cuts at its operations.

That's a round up of news making headlines today. For more on these and other stories please visit miningweekly.com.