Minergia owns and operates the Macusani and Muñani uranium exploration projects in the Puno department of south-eastern Peru covering a combined area of 14,700h.
Under the terms of the share purchase deal, Azincourt can acquire 50% stake in Minergia for a cash consideration of $1m.
Vena chairman and CEO Juan Vegarra said the Minergia divestment is part of Vena strategy to spin off uranium assets and combine them with other assets in other countries with significant upside.
"We are very pleased and fortunate to have made this deal with Azincourt, a company that is headed by Ted O’Connor, an individual with 19 years experience in the uranium business and the former Director of Cameco’s Corporate Development Group who was responsible for overseeing Cameco’s significant investment in Minergia," Vegarra added.
The transaction is subject to a number of conditions which includes termination of its joint venture with Cameco and CGE.
