UPDATE 2-FirstRand, AngloGold sell uranium firm to Constellation

(Adds Constellation, analyst quote, background)

By James Macharia

JOHANNESBURG, July 1 (Reuters) - South Africa's FirstRand (FSRJ.J) and AngloGold Ashanti (ANGJ.J) said on Tuesday they had sold uranium marketing joint venture Nufcor to a unit of U.S.-based utility Constellation Energy (CEG.N).

FirstRand and AngloGold each held 50 percent in Nufcor International, the sole marketing agent for all uranium produced in the country and also for Canadian miner Uranium One (UUU.TO), but they had announced plans to sell the unit.

As one of the leading nuclear power plant owners in the United States, Constellation's acquisition is significant as it may trigger a trend where utilities start to trade uranium as a commodity.

Constellation Energy subsidiary Constellation Energy Commodities Group Ltd bought the stakes held by FirstRand and AngloGold. Financial details were not disclosed.

"The acquisition of Nufcor is a natural extension of Constellation Energy's expanding global commodities business," said Thomas Brooks, Constellation Energy's executive vice president.

One European-based uranium trader said: "It is not so much of security of supply for their own reactor fleet but rather being exposed to the uranium market."

Traders said there is talk that more energy companies are considering moving their uranium trading from the traditional procurement desk to the commodity trading desk.

However, the European trader said there were tax issues associated with such move, and also a lack of liquidity makes uranium more difficult to trade than other commodities.

Constellation Energy is the largest competitive supplier of electricity to large commercial and industrial customers in the United States, and the nation's largest wholesale power seller.

RMB (RMHJ.J), an associate of FirstRand, said the banking group sold its stake in Nufcor as it was not part of its core business, and to take advantage of the current interest in the nuclear fuels market.

The spot price of uranium UX-U3O8-SPT hit a high of $136 per pound by end-June last year, up from just $7 in 2000 on strong demand from nuclear reactors and limited supply.

Since its peak the price has come off to trade at $59 this week, according to UX Consulting.

"NON CORE"