Shares of South Africa-based uranium development company UraMin Inc (UMN-Toronto) gained more than 12 percent on Monday after the company announced that is currently in negotiations with an undisclosed buyer.

French newspaper Les Echos is reporting that French state-owned nuclear reactor builder and uranium producer Areva is the suitor.

UraMin is engaged in exploration and development of uranium resources in Africa and Canada.

Last week Uramin announced a joint venture with Northwestern Mineral Ventures Inc. to develop uranium properties in Niger.