Russia is getting serious about uranium. On Monday, an arm of Rosatom, the Russian state-run nuclear power agency, offered to take Canadian uranium miner Uranium One (TSX: UUU) private. The deal values the company at $2.8 billion, or $2.86 per share. The deal is amicable… Rosatom owned more than 51% of Uranium One's shares prior to the offer. And they're partners on a major uranium mine.

This is the second major acquisition for Rosatom in the last 18 months. In June 2011, the company bought Mantra Resources for its Mkuju River project in Tanzania. Russia is clearly worried about its uranium supply. It is building nuclear facilities throughout Asia and Europe. And it's taking advantage of the low uranium prices to buy up supplies.

 S&A Resource Report editor Matt Badiali wrote about the fantastic opportunity in uranium in last month's issue. Here's what he wrote:


As ultra-successful resource investor Rick Rule, founder of Sprott Global Resource Investing, pointed out in a recent interview… When the Japanese shut down their nuclear power plants, they took 20 million pounds of demand off the market. And the decision added 15 million pounds of supply, as the country's power companies sold off their surplus fuel to generate revenue that wasn't coming from electricity.

So that short-term drop in demand and spike in surplus supplies dumped on the market killed uranium prices over the past year. That's why we have the opportunity we do today…

The opportunity in uranium is so promising right now that we are going to put a slate of them in the model portfolio. These companies are so beaten-down that we won't risk more than 12.5% on any of them… and our potential gains are as much as 300% if they simply recover to their pre-Fukushima prices.

 The Russians likely came to the same conclusion… and are taking advantage of the opportunity as well. The company targeted for acquisition was the same one Matt recommended in the issue. Subscribers who bought shares of Uranium One following his recommendation are up 47% on the takeover news. (Matt's other two uranium stocks are up 40% and 15% in a little more than six weeks.)