BALTIMORE, June 30 /PRNewswire/ --
Constellation Energy (NYSE: CEG) today announced its subsidiary, Constellation Energy Commodities Group Limited, acquired 100 percent of the shares of Nufcor International Limited (Nufcor) from AngloGold Ashanti Limited and FirstRand International Limited.
Nufcor is a leading uranium market participant active across the nuclear fuel chain. Its producer services business has entered into a number of off-take arrangements and marketing service agreements with uranium producers.
Capitalizing on its strong presence in the physical uranium market, Nufcor will be actively exploring new risk management offerings to the increasingly sophisticated financial uranium buyers in North America, Europe and Asia-markets where Constellation Energy already has a strong commodities presence.
"The acquisition of Nufcor is a natural extension of Constellation Energy's expanding global commodities business and will broaden the company's world-class risk management capabilities across new fuel markets," said Thomas V. Brooks, executive vice president, Constellation Energy.
Nufcor, through its subsidiary, Nufcor Capital Limited, will continue to act as the uranium market advisor to Nufcor Uranium Limited (LSE: NU.L). The closed-ended uranium investment company listed on the LSE is exploring a secondary listing on the Toronto Stock Exchange later this year.
The Nufcor team will continue to operate out of London, moving to Constellation Energy's Aldwych offices in early July.
Constellation Energy (http://www.constellation.com), a FORTUNE 125 company with 2007 revenues of US$21 billion, is the nation's largest competitive supplier of electricity to large commercial and industrial customers and the nation's largest wholesale power seller. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of 84 generating units located throughout the United States, totaling approximately 9,000 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland.
Web site: http://www.constellation.com
Media, Lawrence McDonnell, +1-410-470-7433; or Investors, Kevin Hadlock or Janet Mosher, +1-410-470-1884, all of Constellation Energy; Company News On-Call: http://www.prnewswire.com/comp/084087.html