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Cameco To Buy Interest In Mine Project For $151.9M

NEW YORK (AP) â¿¿ Canadian mining company Cameco Corp. said Friday that it has agreed to buy Areva Resources Canada Inc.'s 27.94 percent interest in a proposed uranium mine for 150 million Canadian dollars ($151.9 million), giving it a controlling stake in the project.

The Millennium project is located in the Athabasca Basin in northern Saskatchewan, Canada. It's one of 12 mineral claims held by the Cree Lake Extension Joint Venture exploration project, in which Cameco currently holds a 41.96 percent stake.

The other stakeholder in the joint venture, which is operated by Cameco, is JCU (Canada) Exploration Company Ltd. with a 30.1 percent stake.

The sale of Areva's interest is subject to JCU's rights of refusal on transfers under the terms of the joint venture agreement, Cameco said.

If JCU does not exercise its rights, Cameco will acquire the entire interest from Areva, boosting its stake in the Millennium project to 69.9 percent. But if JCU exercises its rights, JCU will get an additional 11.67 percent interest and Cameco will get an additional 16.27 percent interest. That would give Cameco a 58.23 percent stake in the Millennium project.

The deal is expected to close before June 6 and could close as early as March 15, depending on the timing of JCU's decision on whether to exercise or refuse its rights, Cameco said.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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