The world needs more mines to cope with rising demand for key energy-transition metals like copper, as mergers and acquisitions will not plug a looming supply gap, Rio Tinto Group Chairman Dominic Barton said.

Uranium Energy (NYSE:UEC) +2.3% pre-market Monday after saying it agreed to acquire Rio Tinto's (RIO) uranium production assets in Wyoming, including its fully-licensed Sweetwater plant and a portfolio of mining projects,

NYSE American-listed Uranium Energy Corp (UEC) announced on Monday its acquisition of Rio Tinto's Wyoming assets, which include the Sweetwater plant and a portfolio of mining projects, for $175-million.

Uranium Energy Corp. (AMEX:UEC) shares are trading higher on Monday. The company disclosed a deal to fully acquire Rio Tinto Plc‘s (NYSE:RIO) Wyoming assets for a purchase price of $175 million. As per the deal,

The world needs more mines to cope with rising demand for key energy-transition metals like copper, as mergers and acquisitions will not plug a looming supply gap, Rio Tinto Group chairman Dominic Barton said.