Cameco Corp. (CCJ,CCO.TO) announced that it has completed acquisition of Areva's 27.94% interest in the Millennium project for C$150 million.
With the closing, Cameco's interest in the Millennium project increases to 69.9%. The remaining 30.1% is owned by JCU (Canada) Exploration Co.
The Millennium project is a proposed uranium mine located in the Athabasca Basin of northern Saskatchewan consisting of 590 hectares of land.
The company stated that the terms of the purchase agreement provides AREVA with a 4% royalty on revenue from 27.94% of any production that exceeds 63 million pounds U3O8 from the project.
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