Cameco Corp. (CCJ: Quote,CCO.TO: Quote) 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.
Click here to receive FREE breaking news email alerts for Cameco Corporation and others in your portfolio
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org