here it is

URANIUM One has suspended the development of the Honeymoon uranium mine while it looks for a partner to help develop the project.

Uranium One said in its quarterly report it had suspended the development of the mine 80km northwest of Broken Hill and was looking at "corporate development opportunities".

Uranium One executive vice-president Australia and Asia Greg Cochran, speaking from South Korea yesterday, said the decision was an "exciting" development for company's Adelaide-based team.

"What we're doing is we've recognised we need to have a bigger portfolio, and so that, together with sharing some of the cost of development with a partner, has meant that we're moving in the partner mould," Mr Cochran said.

"It's something that we've been considering for some time and have now decided to move rather quickly.

"It does mean a postponement of course of what is currently going on at Honeymoon but that's just until we get through this stage."

Uranium One has appointed Rothschilds as corporate adviser on the proposed deal, which could involve a range of ownership options.

"We're not seriously looking at a sale. It is a joint-venture type approach," Mr Cochran said. "We are open to any reasonable corporate option.

"We're being proactive in identifying what we believe to be suitable attractive partners but of course we have also had a few approaches as well."

Mr Cochran said the proposal would free up resources for the company to expand its Australian uranium portfolio, while the parent company continued to focus on its three core assets in South Africa, the U.S. and Kazakhstan.

He would not put a value on the Honeymoon mine, but Far East Capital's Warwick Grigor said the project could fetch from $100 million to $200 million if it were offered for sale.

Mr Grigor said it was a very good asset, close to production, and would attract strong buyer interest.

"It would be a great asset. The market for uranium's come down, the heat's out of the market. You've got production about to kick off, a very useful size. I'm sure it's been extensively engineered, there's got to be minimal risk with it.

"It would be a great asset for someone who could arrange the finances."

The mine was expected to be Australia's fourth operating uranium mine, to begin production by the end of the year.

It was expected to produce about 400,000kg of uranium oxide a year for seven years and employ about 60 people.

Mr Cochran said significant site works were already under way, with the power line almost complete and the road upgrade, onsite accommodations and a new reverse-osmosis plant for the water supply finished.