In February 2019 Silex and Cameco signed a Term Sheet with GE-Hitachi Nuclear Energy detailing key terms for the joint purchase of its 76% interest in GLE. If successfully completed, the proposed restructure of GLE would result in Silex acquiring a 51% interest, and Cameco increasing its interest in GLE from 24% to 49%.
The transaction remains subject to finalising mutually satisfactory binding transaction documentation and obtaining US Government approvals. Additionally, closing of the transaction is conditional on the 2016 GLE-DOE Sales Agreement (for GLE's purchase of DOE depleted tails inventories for the Paducah opportunity) remaining in full force and effect.
A key objective of Silex's participation in the GLE restructure is to allow the Company to create new opportunities by becoming more directly involved in the SILEX technology commercialisation program and in GLE's business development path. In particular, the Company places considerable value in the Paducah, Kentucky commercial plant opportunity for the re-enrichment of a large stock-pile of DOE tails inventories over several decades using the SILEX technology.