Cameco Closes Acquisition Of Areva's 27.94% Interest In Millennium Project

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.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com