Cameco (CCJ) Acquires Majority Interest in Uranium Exploration Project in Australia for $346.5 Million
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Cameco Corporation (NYSE: CCJ) has signed an agreement to acquire a 70% interest in the Kintyre uranium exploration project in Western Australia for $346.5 million (US).
A joint venture comprised of Cameco (70%) and Mitsubishi Development Pty Ltd (30%) purchased the Kintyre project from Rio Tinto for $495.0 million (US) through a bidding process. Cameco will operate the project and is funding its share of the purchase price through existing credit facilities. The transaction is expected to close in August subject to ministerial approval in Western Australia and execution of certain agreements with the Martu people who are the traditional owners of the land.
Based upon Cameco's due diligence, it is estimated that the Kintyre project may host potential mineral deposits ranging from 62 to 80 million pounds U3O8 in total, with an average grade between 0.3% and 0.4% U3O8.
Cameco Corporation (Cameco) is a Canada-based company. The Company operates in four segments: uranium, fuel services, nuclear electricity generation and gold.[SM]
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