Shareholders of Canadian mining company Uranium One on Tuesday approved a deal to sell a controlling stake to Russian state-owned miner Atomredmetzoloto (ARMZ), ARMZ said in a press release.

The Russian uranium holding, the mining arm of state nuclear corporation Rosatom, will increase its ownership in the Canadian company to 51% from 23%.

The deal envisions that Vancouver-based Uranium One will issue 356 million common shares.

ARMZ will pay Uranium One $610 million in cash. It will also pay with shares in two mines in Kazakhstan: a 50% stake in the Akbastau uranium mine and 49.7% of Zarechnoye mine stock.

"Consolidation of the controlling stake will make it possible to make Uranium One a platform for the global growth of ARMZ business and will provide Rosatom's large-scale program to build nuclear power plants abroad with raw materials," ARMZ CEO Vadim Zhivov was quoted as saying.

Regulatory approvals are required for the deal to be closed. They are expected to be received by the end of the year.

MOSCOW, September 1 (RIA Novosti)