PERTH (miningweekly.com) – ASX-listed Dourado Resources would seek shareholder approval to divest of its uranium assets in the Northern Territory, through the spin-out of a wholly owned subsidiary, the company announced on Wednesday.

Dourado would float the subsidiary, called Eclipse Uranium, on the ASX through an initial public offering (IPO).

The exploration company would hold between 29% and 33% of Eclipse Uranium at the time of its listing, as a consideration for the transfer of the uranium assets.

Meanwhile, Eclipse Uranium has been granted an option to acquire nine exploration licences and exploration licence applications from Australian uranium exploration and development company Cauldron Energy, for a consideration of 25-million shares.

The Cauldron assets cover about 6 300 km² in the Northern Territory.

“The board of Dourado believes that the successful spin-off of the company’s uranium assets will allow Dourado to focus its financial and technical resources on its key gold and copper assets in the Mooloogool and Sabbath project areas,” Dourado said in a statement.

Dourado would also maintain a considerable exposure to Eclipse, a company that would be solely focused on the development of a substantial and highly prospective suite of uranium assets covering about 9 300 km² in the Northern Territory.